Zolve, a Bangalore, India-based neobank enabling global access to financial services, closed a ₹300 crores Series A funding, at a valuation to ₹1,575 crores.
The round was led by Partners of DST Global, with participation from Tiger Global, Alkeon Capital, as well as existing investors Accel and Lightspeed Venture Partners.
The company intends to use the funds to scale its financial services platform, enhancing the user experience for global citizens, allowing them to open their U.S. accounts, expanding the service to more countries, to grow its partner network and recruit talent in the U.S. and India to launch more products and open access to more countries.
Led by Raghunandan G (‘Raghu’), CEO and Founder, Zolve provides immigrants – working professionals and students, bound to the U.S. with access to FDIC-insured bank accounts, credit cards, and debit cards – without the need for an SSN (social security number) or U.S. credit history – while they are still in their home countries.
Since launching in September 2021, more than 70,000 customers from Australia, Canada, Germany, India, and the United Kingdom, among others, have signed up for Zolve.
Raghunandan G., founder and CEO of Zolve is an entrepreneur and angel investor. Before Zolve, he built taxi aggregator TaxiForSure, which was sold to Ola Cabs in 2015 for $200 million. Raghunandan G has been an angel investor in over 50 startups following the successful exit, including Vedantu, Bounce, and Ninjacart. He is also an active participant in India’s startup ecosystem and frequently mentors aspiring entrepreneurs. In 2014, Raghunandan G was among Fortune India’s “40 Under 40 Business Leaders” and has also been honored with the IIM-A Young Alumni Achiever Award. He is an avid reader, a marathon runner and Iron-Man triathlete.