Indian neobanking startup Zolve raises $40m Series A funding at $210m valuation

Photo: Mint

Bengaluru-headquartered neobanking startup Zolve has raised $40 million in a Series A funding round led by partners of DST Global at a valuation of $210 million, it announced on Tuesday.

The financing was backed by Tiger Global, Alkeon Capital, and existing investors Accel and Lightspeed Venture Partners.

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.

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.