Zolve, a Cross-border neobanking startup founded by TaxiForSure co-founder Raghunandan G, has raised USD 251 million (~INR 2,188 crore) in a mix of equity and debt as a part of its Series B round. Creaegis led the growth-stage investment with participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures. Existing investors Accel, Lightspeed Venture Partners, Sparta Group and DST Global also participated in the round.
Funding Breakdown
Zolve Series B round consists of USD 51 million equity and a USD 200 million warehouse debt facility from Community Investment Management (CIM), a US based impact investor focused on credit solutions for fintech startups. This is the second debt raise from CIM for Zolve, after raising USD 100 million in October 2023 to expand its lending capabilities.
Zolve’s Mission and Growth
Zolve was founded in 2021 to redefine financial accessibility for immigrants by offering FDIC insured US bank accounts and credit cards without a Social Security number. The company solves the critical problem faced by expats especially Indians moving to the US who struggle to get financial services due to lack of local credit history.
Since its inception the company has served over 7,50,000 customers and done over USD 1.2 billion in transactions. The company has a 86% customer retention rate which reflects strong product-market fit. Zolve became customer level profitable in early 2024 and is on track to be company wide profitable by end of 2025.
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Expansion Plans and Roadmap
With the new capital, Zolve will aggressively expand into new markets, Canada being the next followed by UK and Australia. The company will also diversify its credit portfolio by introducing auto loans, personal loans and education loans.
Beyond banking and credit, the company sees itself as a full stack financial platform for global citizens, offering international money transfers, insurance and investment products.
Investor Confidence and Industry Impact
Creaegis managing partner and CIO Prakash Parthasarathy and partner Nitish Bandi said in a joint statement, “We have invested in many global SaaS companies and financial ecosystems and will use this expertise to help the company to offer financial products to international students and professionals globally.”
Zolve competes with global neobanks like Winvesta and Tide, while domestic fintechs like Razorpay, Skydo and Cashfree Payments focus on domestic payment solutions and not cross-border banking for expats.
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Zolve Financial Performance
Zolve has shown great customer acquisition and transaction volume but financials are a mix of growth and operational challenges. Operating revenue declined 29.23% to INR 46 cr in FY24 from INR 65 cr in FY23. Net loss widened to INR 3 cr in FY24 from INR 2 cr in previous year as per Tofler. But Zolve is on a strong growth path. With industry heavyweights as backers and a clear growth roadmap, the company is well placed to become a leader in cross border financial services.
Final Thoughts
Zolve’s largest debt funding for an Indian origin startup in 2025 shows the growing investor interest in fintech for global mobility. As the company expands into new markets and broadens financial products, it will redefine banking for expats making financial inclusion borderless and seamless.