Zolve, a fintech startup based in India and San Francisco, has raised $40 million in Series A funding to expand its neobank, streamlining mobile banking for thousands of immigrants.
The round was led by Partners of DST Global with participation from Tiger Global, Alkeon Capital, Accel, and Lightspeed Venture Partners, bringing the total funding raised by the startup to $55 million. DST Global has invested in some of the most important fintech of recent times, including RobinHood, Nubank, and Revolut. Anand Daniel, Partner at Accel, referred to the round by stating:
“Zolve is among the few startups I’ve seen that achieved product-market fit right out of the gate. Given that the U.S. 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. We’re proud to be among the first to recognize the tremendous value that Zolve is creating by bringing its full-stack financial solutions to the global market for immigrants.”
Founded in 2020, Zolve has experienced rapid growth over the past 10 months, reaching a valuation of $210 million in the process. This success is the result of the neobank’s unique approach to providing immigrants with access to fully FDIC-insured bank accounts. By offering high-limit credit cards based on their home country credit score, the startup has become a favorite among customers from all around the world. Raghunandan G , CEO and Founder of Zolve
“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. We look forward to expanding the scale and reach of our products, helping even more immigrants globally to achieve their dreams.”
With traditional banks continuing to lose the trust of the younger generations, alternative platforms developed by fintech startups have become increasingly popular. Digital, neo, and open banking have become a major force in the financial sector, threatening to overhaul the legacy financial system.
Zolve is looking to capitalize on this increasing demand by providing a selection of financial products tailored to the needs of immigrants around the world. The services offered by the startup will allow digital nomads, expats, and retirees to easily access financial services when moving to new countries, all without the need to deal with the local bureaucracy.