Zolve, a neobank enabling global access to financial services, has announced the closing of $40 million in Series A funding. The round was led by Partners of DST Global, who have previously led rounds in many prominent global fintechs such as Robinhood, Nubank, Chime, Revolut, and Wealthsimple. The round also recorded participation from Tiger Global. Alkeon Capital, as well as existing investors Accel and Lightspeed Venture Partners, also participated in the round.
The funding amount will be used to rapidly scale the company’s financial services platform, with the funding round raising the 10-month old company’s valuation to $210 million.
“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 Raghunandan G (‘Raghu’), CEO and Founder of Zolve. “We look forward to expanding the scale and reach of our products, helping even more immigrants globally to achieve their dreams.”
“Zolve is among the few startups I’ve seen that achieved product-market fit right out of the gate. Given that the U.S. 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. “We’re proud to be among the first to recognize the tremendous value that Zolve is creating by bringing its full-stack financial solutions to the global market for immigrants.”
“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 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.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.