Zolve, a neobank enabling global access to financial services, said on Wednesday announced It has raised Rs 300 crores in its Series A round of funding led by Partners of DST Global.
Tiger Global and Alkeon Capital also participated in the round. Existing investors such as Accel and Lightspeed Venture Partners, also contributed to the funding round.
The Bengaluru-based fintech said in a statement it will use the funds to rapidly scale the company’s financial services platform apart from enhancing the user experience for global citizens. It also aims to grow its partner network and recruit more people in the US and India to launch more products and open access to more countries.
With this funding round, the company’s valuation has reached Rs 1,575 crores.
Raghunandan G, CEO and Founder of Zolve, said the company intended to start with a small cohort of 500 users, and were oversubscribed by almost 90x from working professionals and students within the first few weeks. This incredible traction has been far beyond what the firm had envisioned and demonstrates that there is a tangible need for a service that provides global citizens equitable access to financial products.
“Zolve is among the few startups I’ve seen that achieved product-market fit right out of the gate. Given that the US is a country with immigrants in its DNA, it’s surprising how long it has taken someone to solve the issues that new immigrants experience with the traditional banking system,” said Anand Daniel of Accel.
“Access to tailored and fair financial products has a direct and meaningful impact on people's lives. We're incredibly excited to have invested in Zolve, and to support Raghu's vision of bringing world-class financial services products and experiences to immigrants in the US and other markets. The company's rapid acceleration, especially around customer acquisition and usage, is a reflection of the team's execution capability and the significant unmet needs of Zolve's target customer base. We're excited for what the future holds and have high confidence in Zolve's future success." said Bejul Somaia, Partner, Lightspeed