Zolve secures $251 million in Series B funding

BENGALURU: Cross-border financial services startup Zolve has raised $51 million in equity and $200 million in debt, totaling $251 million in combined funding, with Creaegis leading a Series B round. HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, and existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global also participated.
Founded in 2021, Zolve provides financial products for international students and professionals moving to new countries. The company offers US credit cards and checking accounts by assessing financial data from users’ home countries.
“The financial system isn't designed for mobility,” said Raghu G, founder and CEO of Zolve. “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.”
Zolve has 750,000 customers and has facilitated over $1.2 billion in transactions. The company reports positive unit economics and expects to achieve overall profitability by the end of 2025.
Zolve’s business model operates on an INR cost base while generating revenue in USD. The company states that 70% of its customers come through referrals and word-of-mouth.
The firm plans to expand into Canada, UK and Australia. It is also adding auto loans, personal loans, and education loans to its offerings. Additionally, Zolve aims to expand services such as international money transfers, insurance, and investment products.
Creaegis leadership stated that the firm sees Zolve as addressing a significant financial gap for global professionals. “Our experience in digital financial services allows us to support Zolve’s expansion,” said Creaegis Managing Partner and CIO Prakash Parthasarathy and Partner Nitish Bandi in a joint statement.
Zolve operates as a financial technology company. Its banking services, including debit and credit cards, are issued through Federal Deposit Insurance Corporation-insured banking partners in the US.