Neobank Startup Zolve Raises $40M In Series A Funding
Neobank startup Zolve has raised Rs 300 crore ($40 million) in a Series A funding round led by Partners of DST Global. Tiger Global, Alkeon Capital, as well as existing investors Accel and Lightspeed Venture Partners, also participated in the funding round.
As per Zolve, the newly raised funds will be used to scale its financial services platform besides expanding the partner network as well as the hiring of talent in the US and India.
Zolve | World’s First Cross-border Neobank
Launched by serial entrepreneur and angel investor Raghunandan G, Zolve is a cross-border neobank startup working with a vision to make global financial products accessible to global citizens.
The startup provides immigrants, working professionals and students bound to the US with access to bank accounts, high-limit credit cards, and debit cards. Zolve does this without the need for an SSN (social security number) or US credit history and while they are still in their home countries.[Read: Factors Driving The Growth Of Fintech Industry In India]
Speaking on the development, Raghunandan G (‘Raghu’), CEO and Founder of Zolve, said,
“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.”
The neobank startup aims to be a full-stack financial services provider with products focused on instant remittance, loans and insurance.
Since launching in September 2021, more than 70,000 customers from Germany, Canada, Australia, India, and the United Kingdom, among others, have signed up for its services, claims the startup.
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