Zolve provides immigrants bound for the US with access to FDIC-insured bank accounts and credit and debit cards based on their home country credit score – without the need for a social security number or US credit history.
Proceeds from its latest funding round will be used to grow the company’s financial services platform, its statement said. Zolve is also looking to expand its partner network and recruit talent in the US and India to launch more products and offer its services in more countries.
“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,” said Zolve CEO and founder Raghunandan G.
The new round of funding comes just seven months after the startup raised a seed round of $15 million, which saw the participation of Accel, Lightspeed Venture Partners, and a host of other investors.
The company claims that more than 70,000 customers from Australia, Canada, Germany, India, and the United Kingdom have signed up on its platform since its launch in Sept 2021.