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The Bengaluru-based Cross-border neo-banking startup Zolve has raised $251 million in an equity and debt funding round led by Creaegis.
The funding round also saw participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures and existing investors Accel, Lightspeed Venture Partners, Sparta Group and DST Global.
Out of the total funds raised, $51 million came from equity, and the remaining $200 million came from debt.
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Media reports estimate the company was valued at $800 million during the fundraising.
The company plans to use the funds to expand its reach and services. It aims to enter Canada, the UK, and Australia, while also growing its credit offerings, starting with auto loans and later adding personal and education loans.
“The financial system isn’t designed for mobility. When talented people move countries, their financial history is erased overnight. We’re changing that by giving global citizens access to credit and banking from the moment they arrive,” said, Raghunandan G, founder of Zolve.
In October 2023, Zolve raised $100 million through a debt facility from Community Investment Management (CIM), a US-based impact investor.
About Zolve
Founded in 2021 by Raghunandan G, Zolve provides immigrants with an FDIC-insured US bank account and a credit card, without needing a Social Security number.
This significant investment comes as Zolve hits 750,000 customers and has helped transfer over $1.2 billion. The company says it became profitable at the customer level in early 2024 and expects to reach company-wide profitability by the end of 2025.
Zolve aims to become a complete financial platform for global citizens, offering easy international money transfers, insurance, and investment products.
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