Zolve Secures $251 Million in Series B Funding to Expand Global Neobanking Services

Cross-border neobanking startup Zolve has raised $251 million (approximately INR 2,179.5 crore) in a mix of equity and debt as part of its Series B funding round. The round was led by Creaegis, with participation from notable investors including HSBC, SBI, GMO, and DG Daiwa. According to a Reuters report, the funding values the company at $800 million.

Of the total funds raised, $51 million came from equity, while the remaining $200 million was secured through debt. Zolve plans to use the capital to expand its global footprint and diversify its product offerings. The startup aims to enter new markets, including Canada, the UK and Australia, while also growing its credit portfolio. The expansion will begin with auto loans, followed by personal and education loans.

Founded in 2021 by Raghunandan G, a serial entrepreneur and co-founder of TaxiForSure, Zolve positions itself as a neobanking solution for immigrants. The platform offers FDIC-insured US bank accounts and credit cards without requiring a Social Security Number, addressing the challenges faced by expatriates who lack a local credit history. The startup primarily targets Indian immigrants and other global citizens moving to countries like the US, providing them with seamless access to financial services.

“The financial system isn’t designed for mobility. When talented people move countries, their financial history is erased overnight. We’re changing that by giving global citizens access to credit and banking from the moment they arrive,” said Raghunandan G in a statement.

Zolve operates in a competitive space, going head-to-head with global neobanking players like Winvesta and Tide. While domestic startups such as Razorpay, Skydo, and Cashfree Payments also offer cross-border financial services, their primary focus remains on domestic payment solutions rather than catering to the specific needs of expatriates.

With this latest funding round, Zolve has raised over $155 million to date. The company’s innovative approach to bridging the financial gap for immigrants has positioned it as a key player in the rapidly evolving neobanking sector. As it expands into new markets and broadens its product offerings, Zolve is poised to redefine financial accessibility for global citizens.