Fintech venture Zolve has secured Rs 300 crore ($40 million) in Series A financing from DST International partners. Zolve is a financial technology firm that provides cross-border banking services in a smooth manner. Zolve is a worldwide neo-banking business that aims to give financial services and banking to those wishing to relocate to other countries. It was founded in 2020 and is headquartered in Bangalore, India.
Funding Details
Tiger Global, Alkeon Capital, and previous shareholders such as Accel and Lightspeed Venture Partners all participated. Zolve’s worth has risen to Rs 1,575 crore as a result of the fundraising round. So far, the business has raised $55 million in two fundraising rounds. The investment was headed by DST Global Partners, which have formerly led rounds in a number of renowned global fintech, including Robinhood, Nubank, Chime, Revolut, and Wealthsimple. Tiger Global, another prominent investor in the global fintech market with many unicorns in its roster, also participated in the round. The round was also attended by Alkeon Capital, as well as previous investors Accel and Lightspeed Venture Partners.
CEO Statements
“While we expected to start with a modest batch of 500 customers, we were quickly overcrowded by about 90x from business students and employed individuals. This remarkable growth has far exceeded our expectations and proves that there is a real demand for a service that offers global people equal access to financial goods “Raghunandan G (‘Raghu’), CEO and Founder of Zolve, stated, “We are excited to increase the scope and accessibility of our goods, enabling even more immigrants throughout the world to realize their goals.”
Fund Usage and Mission
The funds will be employed to rapidly grow the corporation’s economic services platform, with the fundraising round bringing the company’s capitalization to $210 million after only ten months in business. While remaining in their native countries, Zolve gives immigrants heading for the United States with entry to FDIC-insured savings accounts, high-limit credit cards, and debit cards based on their home country credit score – even without the requirement for an SSN (social security number) or U.S. credit history. Zolve is on track to develop into a full-stack financial services company, with quick remittances, reinsurance, and loans in the works. Their goal is to make your financial life easier.
Service Overview
Their first offers include operating US accounts and a high-limit credit card that may be applied for while still in your own nation. With benefits like no registration charge, quick clearances, and a 100% online installation, the future appears limitless. You can concentrate on what’s truly important when you have all of your investment services in one location. They’ve designed it just for go-getters like you, so you may attain financial freedom with ease.
Conclusion
Fintech venture Zolve has secured Rs 300 crore ($40 million) in Series A financing from DST International partners. Tiger Global, Alkeon Capital, and previous shareholders such as Accel and Lightspeed Venture Partners all participated.
FAQs
Ans. Fintech venture Zolve has secured Rs 300 crore ($40 million) in Series A financing from DST International partners.
Ans. Zolve is a financial technology firm that provides cross-border banking services in a smooth manner.
Ans. Zolve is a worldwide neo-banking business that aims to give financial services and banking to those wishing to relocate to other countries.
Ans. It was founded in 2020 and is headquartered in Bangalore, India.
Ans. The funds will be employed to rapidly grow the corporation’s economic services platform, with the fundraising round bringing the company’s capitalization to $210 million after only ten months in business.
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