Elevate (formerly Bloom)
Elevate, formerly known as Bloom, is a fintech company based in Dubai and London, specializing in payment solutions and offering FDIC-insured USD accounts.
Company History
Elevate, formerly known as Bloom, has undergone several name changes throughout its history, initially starting as East Africa Financial Technologies Inc. The company has also been known as EAFT (Bloom). Despite its numerous rebrandings, Elevate continues to operate in the fintech industry, specifically focusing on payments. Founded to cater to non-US residents in emerging markets, the company offers various financial services to facilitate seamless USD transactions and currency management.
Services
Elevate provides an array of fintech services aimed at non-US residents in emerging markets. The company offers FDIC-insured USD accounts that protect deposits up to $250,000 and virtual USD debit cards that customers can use for contactless payments via phone or watch. These services support Apple Pay and Google Pay. The platform allows users to hold USD indefinitely with no monthly charges, receive funds from global employers in minutes, and convert USD to local currency at competitive rates starting from $1.50. Additionally, users can manage their account security, receive instant push notifications, and make unlimited online and international purchases.
Banking Features
Elevate's banking services are provided by Bangor Savings Bank, Member FDIC. The company provides ACH and wire inbound and outbound payments. Customers can receive a free Mastercard debit card without any issuance fee and make inbound deposits free of charge. Elevated offers unbeatable foreign exchange rates with no ongoing costs. The process to open an account is straightforward, involving downloading the app, verifying identity, and opening the account.
Locations and Team Size
Elevate operates from two primary locations: Dubai in the United Arab Emirates and London, England in the United Kingdom. The company has a team of seven members. Despite its small size, Elevate caters to various regions, including the Middle East and North Africa, Europe, and offers both remote and partly remote working options.
Security Standards
Elevate follows the highest security standards, being PCI-DSS certified. This ensures that all transactions and data are handled with maximum security, giving customers peace of mind. The platform enables users to maintain control over their card's security and stay updated on their transactions with instant push notifications. These measures are in place to support secure online and international spending without any limits.
