India: Neo-banking startup Zolve raises $15m led by Accel, Lightspeed

Photo by Josh Appel on Unsplash

TaxiForSure co-founder Raghunandan G’s newest startup Zolve has raised close to $15 million in a seed funding round led by Accel and Lightspeed.

The round also saw participation from Blume Ventures and prominent angel investors, including Ashish Gupta, former managing director at Helion, Greg Kidd, angel investor in Twitter and Ripple, Kunal Shah, founder of Cred, Rahul Mehta, managing partner at DST Global and Rahul Kishore, senior managing director at Coatue Capital.

Founder Collective, which had invested in Uber earlier, also participated in this round.

Two-month old Zolve is a global neo-banking startup which looks to provide banking and financial services to individuals looking at migrating to international geographies.

According to the founder, individuals migrating to international geographies, including the US, find it difficult to access banking and credit services at competitive rates, owing to the lack of existing credit history in new geographies. It often takes 3-4 years for these immigrants to build a credible credit history in new geographies.

Headquartered in Delaware, US, and operations based out of Bengaluru, Zolve partners with banks and financial institutions to help these individuals get access to services, based on their financial history in home countries, equipping them with bank accounts, along with debit and credit cards. It plans to launch its platform around mid- year.

“There is an arbitrage for customers today because international banking systems don’t interact with each other. This causes migrating populations to suffer, in spite of having a credible financial history in home markets. Through alternate data sources and our underwriting we aim to help these customers get access to banking and financial services at competitive rates in their new migrant geographies,” Raghunandan G, founder, Zolve in an interaction.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.