Zolve, an India and San Francisco based fintech startup raised USD 40 million in a Series A funding round led by Partners of DST Global on 28 October 2021.
Investors: Partners of DST Global led the latest funding round with participation from Tiger Global, Alkeon Capital, Accel, and Lightspeed Venture Partners, bringing the total funding raised by the company to USD 55 million. DST Global has invested in some of the most crucial fintech of recent times, including RobinHood, Nubank, and Revolut.
The Objectives behind the funding: The company plans to deploy the current proceeds to expand its neobank, streamlining mobile banking for thousands of immigrants.
Founded in 2020 by Raghunandan G, Zolve is a fintech company that offers seamless cross-border financial services. Zolve is a global neo-banking startup that provides banking and financial services to individuals looking at migrating to international geographies. The startup’s platform intends to create a financial world beyond borders that provide equitable access to global financial products on a single platform, allowing individuals to save money and invest it further, helping them be financially free to pursue their ambitions. Zolve has experienced rapid growth over the past ten months, reaching a valuation of $210 million in the process.
What the Founder has to say:
“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,” said Raghunandan G, CEO and Founder of Zolve.
What the Investor has to say:
Anand Daniel, Partner at Accel, said, “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.”
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