SBI Investment, GMO Venture Partners & DG Daiwa Ventures participate in Zolve Series B
Neobank Zolve, focused on cross-border financial solutions, has raised USD 251 million in equity and debt financing. The Series B round was led by Creaegis and saw participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, and existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global. Additionally, Community Investment Management provided a warehouse line to support Zolve's expanding credit portfolio across various regions.
Zolve plans to use the new funding to scale its operations globally, broaden its product suite, and improve financial accessibility for international users.
"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," stated Raghu G, Founder and CEO of Zolve.
Since its launch in 2021, Zolve has experienced rapid growth, acquiring 750,000 customers and facilitating over USD 1.2 billion in money movement. The company intends to expand into Canada, followed by the UK and Australia. Furthermore, it plans to enhance its credit offerings by introducing auto loans, personal loans, and education loans to meet the diverse financial needs of global professionals and students. Beyond lending, Zolve aims to evolve into a comprehensive financial platform, offering international money transfers, insurance, investment products, and other services tailored to expatriates and immigrants, including education loans with scholarships, student-discounted flight bookings, US SIM card delivery, and insurance products.
Prakash Parthasarathy, Managing Partner and CIO at Creaegis, and Nitish Bandi, Partner at Creaegis, commented, "We are excited to partner with Raghu and his team to build a differentiated digital platform to solve a large use case for global professionals. Our experience of investing in pioneering global SaaS companies and in the financial ecosystem will enable us to support the company’s mission to offer financial products for international students and professionals worldwide."
Founded by Raghu G, who previously founded TaxiForSure, Zolve has achieved significant growth and reached customer-level profitability in early 2024. The company anticipates achieving company-level profitability by the end of 2025, attributing much of its growth to customer referrals and word-of-mouth. Zolve provides various financial products tailored to global users, including remotely accessible bank accounts, high-limit credit cards, and specialized solutions such as international money transfers, education loans with scholarships, student-discounted flight bookings, US SIM card delivery, and insurance products.
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