Zolve closes $ 40 million Series A funding round at $ 210 million valuation
With more than 70,000 registrations since its launch in September, the neobank providing U.S. FDIC-insured bank accounts and high limit credit cards to non-citizens will raise funds to rapidly increase scale and reach
Posted: October 26, 2021 at 5:30 p.m. MDT|Update: 10 hours ago
SAN FRANCISCO and BANGALORE from India, October 26, 2021 / PRNewswire / – Zolve, a neobank providing global access to financial services, today announced the closure of $ 40 million in Series A funding. The round has been led by partners at DST Global, who have previously led rounds in many leading global fintechs such as Robinhood, Nubank, Chime, Revolut and Wealthsimple. The round also saw the participation of Tiger Global, another prolific investor in the global fintech space, with several unicorns in its portfolio. Alkeon Capital, along with existing investors Accel and Lightspeed Venture Partners, also participated in the round.
The amount of funding will be used to rapidly scale the company’s financial services platform, with the funding round bringing the valuation of the 10-month-old company to $ 210 million. Zolve offers immigrants to the United States access to FDIC insured bank accounts, high limit credit cards and debit cards based on their credit score in their home country – without needing an SSN (Social Security Number) or credit history in the United States – while still in their home country. Zolve is on its way to becoming a full-service financial services provider with products focused on instant remittances, insurance and outstanding loans.
Since the launch in September 2021 more than 70,000 customers of Australia, Canada, Germany, India, and the UK, have registered on Zolve. The new funding cycle comes only 7 months after the announcement of a major start-up cycle for $ 15 million which saw participation from Accel, Lightspeed Venture Partners and a host of other top investors.
With these additional funds, Zolve intends to improve the user experience for citizens of the world, allowing them to open their US accounts in minutes. In addition, the funds will help accelerate the expansion of the service to more nationalities, increasing the number of people who can begin building their financial future as soon as they arrive in the United States. Additionally, Zolve is looking to grow its partner network and recruit stellar talent in the United States and India to launch more products and open access to more countries.
âWhile we intended to start with a small cohort of 500 users, we were almost 90 times oversubscribed by working professionals and students in the first few weeks. This incredible pull has gone way beyond what we envisioned and clearly demonstrates that there is a real need for a service that provides citizens of the world with equitable access to financial products, âsaid Raghunandan G (â Raghu Â»), CEO and founder of Zolve. “We look forward to expanding the scale and reach of our products, helping even more immigrants around the world realize their dreams.”
âZolve is one of the few startups I’ve seen that have successfully adapted to the product market from the start. Given that the United States is a country with immigrants in its DNA, it is surprising how long it took for someone to solve the problems that new immigrants experience with the traditional banking system â , said Anand Daniel from Accel. âWe are proud to be among the first to recognize the tremendous value Zolve creates by bringing its comprehensive financial solutions to the global immigrant market.
âAccess to tailor-made and fair financial products has a direct and significant impact on people’s lives. We are extremely pleased to have invested in Zolve and to support Raghu’s vision to deliver world-class financial services products and experiences to immigrants in the United States and other markets. The rapid acceleration of the business, especially in customer acquisition and utilization, is a reflection of the team’s ability to execute and the significant unmet needs of Zolve’s target customers. . We are excited about what the future holds and have great confidence in the future success of Zolve, âsaid Bejul Somaia, Partner, Lightspeed
Zolve builds a financial world without borders by developing financial services for the citizens of the world. Founded to help immigrants build their global financial futures, Zolve offers a comprehensive financial services app, an FDIC-insured U.S. bank account, and high limit credit card to new immigrants in partnership with a partner bank, from their arrival. In February 2021, Zolve raised $ 15 million in seed funding, led by Accel and Lightspeed. In October 2021, he raised another $ 40 million in one of the india Greatest Series A Funding Rounds. For more information on Zolve’s credit, deposit and loan products specifically designed for global citizens, visit Zolve.com.
About Raghunandan G.
Raghunandan G., Founder and CEO of Zolve is a well-known entrepreneur and angel investor. Prior to Zolve, he built the TaxiForSure taxi aggregator, which was sold to Ola Cabs in 2015 for $ 200 million. Raghu has been an angel investor in over 50 startups after the successful exit, including Vedantu, Bounce, and Ninjacart. He also actively participates in india ecosystem of startups and frequently mentors of budding entrepreneurs. In 2014, Raghu was among Fortune India’s â40 Under 40 CEOsâ and also received the IIM-A Young Alumni Achiever Award. A keen reader, he is also an Iron-Man marathoner and triathlete.
View original content to download multimedia:
The above press release has been provided courtesy of PRNewswire. The views, opinions and statements contained in the press release are not endorsed by Gray Media Group and do not necessarily state or reflect those of Gray Media Group, Inc.