Zolve neobank startup raises USD 40 mln in Series A

Wednesday 27 October 2021 11:37 CET | News

India-based Zolve, a neobanking startup helping US immigrants to gain access to financial services, has raised USD 40 million in a new financing round as it begins to roll out its offerings.

Partners of DST Global led the Bangalore-headquartered startup’s Series A financing round. The round, which values the 10-month-old startup at USD 210 million and brings its all-time raise to USD 55 million, also saw participation from Tiger Global and Alkeon Capital and existing investors Lightspeed Venture Partners and Accel.

Zolve initially offered the service for Indians going to US for work or studies, but now plans to expand its offerings to immigrants from several nations early in 2022. Zolve currently works with banks in the US and India to provide consumers access to financial products without them having to pay any premium or coughing up any security deposit.

Zolve also said it plans to aggressively expand its team. The startup’s headcount was just five earlier in 2021. It has since grown to 100, and now the startup is looking to hire 150 people across several roles.

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Keywords: personal finance management, funding, unbanked, credit scoring
Categories: Banking & Fintech | Online & Mobile Banking
Countries: India
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