Elevate, a fintech based in London and Dubai, has raised an investment of $5 million for expanding the market further into South Asia.

This move is expected to benefit the freelancers and remote workers active in different South Asian countries including Bangladesh, said a media statement on Sunday.

There are around one million freelancers in Bangladesh and the country is home to a large number of remote talent, according to independent stats.

Elevate Pay offers the most simplified way of receiving USD payments from the US and international employers as well as from platforms like Upwork, Fiverr, Paypal, Deel, and Toptal.

“Freelancing and remote work is going to be a key source of foreign income for emerging markets. Platforms like Upwork, Fiverr and Deel have empowered talent to compete on a global scale and earn in USD,” said Khalid Keenan, CEO of Elevate Pay.

“Our mission at Elevate is for freelancers and remote workers to quickly and easily get paid at minimal cost so they keep as much of their hard-earned earnings as possible.”

With its renewed focus on South Asian markets, freelancers will be able to earn more money, resulting in spillover effects on the overall economy.

When customers receive payments into their Elevate accounts, the funds sit with Bangor Savings Bank, a 172-year-old bank located in Maine, the United States. Bangor Savings Bank acts as the deposit-taking institution, and because they are an FDIC-member, customer deposits are FDIC-insured up to $250,000.

This makes it the only service available for people in countries such as Bangladesh, Pakistan, and the Philippines to open an FDIC-insured US bank account.

Elevate Pay has so far raised $10 million in equity and debt from different investors including Y Combinator, Goodwater, Global Founders Capital and VSQ. Over 150,000 people have already signed up with this fintech since its inception.