Zolve raises $40M led by Partners of DST Global
Zolve, a neobank startup that helps immigrants in the US access financial services, announced that it has raised Rs 300 crore in a Series A round.
The funding round was led by Partners of DST Global, along with participation from Tiger Global, Alkeon Capital, as well as existing investors Accel and Lightspeed Venture Partners. Zolve is now valued at Rs 1,575 crore.
The startup plans to use the freshly raised funds to scale its financial services platform besides expanding the partner network as well as the recruitment of talent in the US and India.
“While we intended to start with a small cohort of 500 users, we were oversubscribed by almost 90X from working professionals and students within the first few weeks. This incredible traction has been far beyond what we had envisioned and clearly demonstrates that there is a tangible need for a service that provides global citizens equitable access to financial products,” said Raghunandan G (‘Raghu’), CEO and Founder of Zolve.
Commenting on the investment, Anand Daniel of Accel said, “Zolve is among the few startups I’ve seen that achieved product-market fit right out of the gate. Given that the US is a country with immigrants in its DNA, it’s surprising how long it has taken someone to solve the issues that new immigrants experience with the traditional banking system.”
Established by serial entrepreneur and angel investor Raghunandan G, Zolve provides immigrants — working professionals and students — bound to the US with access to bank accounts, high-limit credit cards, and debit cards. It does so without the requirement for an SSN (social security number) or US credit history and while they are still in their home countries.
As per Zolve, since launching in September 2021, over 70,000 customers from Australia, Canada, Germany, India, and the United Kingdom, among others, have signed up for its services.
Zolve strives to be a full-stack financial services provider with products focused on instant remittance, insurance, and loans.
Zolve seems to be helping several immigrants with access to financial access through its platform. I believe the company will continue to prosper in its journey ahead. My best wishes to the team of Zolve.Shishir Gupta, Founder and CEO, StartupLanes
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