NRI-focussed fintech startup Belong raises $5M led by Elevation Capital

NRI-focussed fintech startup Belong has raised $5 million in a funding round led by Elevation Capital.

Relentless Ventures and other angel investors, including Abhiraj Singh Bahl and Varun Khaitan (cofounders of Urban Company), Akshant Goyal (CFO, Zomato), Varun Alagh (cofounder of mamaearth), Vineet Sethi (senior vice president at PayU), and Aditya Sharma (partner, McKinsey), also participated in this round.

The startup will use the funds to get licences, develop its products, and spend on marketing and expanding to new areas.

Read also- PhysicsWallah partners with YCMOU to offer regular online classes

“For resident Indians, everything has become digital, and there are so many financial products. For NRIs, it's quite different, even though, from the ticket size perspective, they are the cream of the crop. So, we saw a very big gap in the market,” cofounder and CEO Ankur Choudhary said.

“NRIs have long been underserved when it comes to modern, digital-first financial solutions tailored to their unique needs," said Vaas Bhaskar, partner, Elevation Capital. "Belong is uniquely positioned to serve this massive, underserved market by combining deep fintech expertise with Gift City's regulatory framework.”

About Belong 

Co-founded in 2024 by Ankur Choudhary, Savitri Bobde, Ayush Singh and Sai Sankar, Belong has introduced a USD fixed deposit product in partnership with Indian banks at GIFT City. It aims to simplify NRI savings and investments by tackling challenges like complex KYC, high conversion fees, tax hurdles, and tough repatriation rules.

Advertisment

Belong’s USD fixed deposit offers tax-free returns in India, protection against rupee depreciation, easy repatriation, and doorstep KYC.

The company has received a Payment Services Provider (PSP) licence and a broker-dealer licence from IFSCA. It plans to launch more products like mutual funds, Indian and US stocks, insurance, and financial cards—fully under GIFT City’s regulations.

In addition to fixed deposits, Belong has launched digital tools such as an NRI FD rate explorer, GIFT Nifty tracker, rupee-dollar monitor, and a residential status calculator. It also plans to provide affordable India tax filing services for NRIs.

Belong also plans to expand into major NRI markets like the GCC, the UK, and the US.

Advertisment