Freelancers in Pakistan are embracing a new, efficient way to receive payments from overseas clients. Elevate, a fintech company based in London and Dubai is now being widely used in the Pakistani freelancing circle.
Since its launch earlier this year, over 50,000 freelancers have registered with Elevate, highlighting a significant shift towards more cost-effective financial solutions.
The freelance community in Pakistan has been expanding rapidly, yet many have voiced concerns over the high fees charged by traditional banks for international transactions. Elevate addresses this issue, offering a more affordable and user-friendly alternative.
Elevate’s ambitious expansion plans are supported by a recent $5 million financing round, bringing its total funding to $10 million in equity and debt. This financial boost will enable the company to strengthen its foothold in South Asia and enhance its service offerings.
Meanwhile, JazzCash continues to be a major player in the digital payments space, particularly among freelancers. This mobile wallet and digital financial services platform boasts over 11 million active app users. JazzCash has a vast user base of 44 million registered users, with over 30% being women. It also supports 17 million monthly active users, 300,000 merchants, and more than 245,000 agents across Pakistan.
The introduction of Elevate, alongside the established presence of JazzCash, signifies a transformative period for freelancers in Pakistan. These platforms are providing vital financial services that are both accessible and affordable, catering to the growing needs of the freelance workforce.
