Cross-border fintech platform Zolve announced on Wednesday that it has raised Rs 300 crore in a Series A funding round. The round was led by DST Global partners, along with participation from Tiger Global, Alkeon Capital, Accel and Lightspeed Venture Partners. Zolve is now valued at Rs 1,575 crore.
The platform said that funding will be used to rapidly scale the company’s financial services platform. Zolve said in a statement that this round is one of the largest within the fintech space in India.
Zolve provides US-bound immigrant professionals and students high-limit credit cards without the need for a social security number or US credit history. The cards are issued on the basis of their home credit score and they need to have access to FDIC-insured bank accounts. The company is on track to become a full-stack financial service provider and focus on products such as instant remittance, insurance, and loans.
The fintech company was launched in September 2021 and has more than 70,000 customers from Australia, Canada, Germany, India, and the United Kingdom. The latest funding comes seven months after the seed round of Rs 112.5 crore by Accel, Lightspeed Venture Partners, and a host of other marquee investors.
“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, CEO and founder of Zolve.
Zolve will use the additional funds to enhance the user experience for global citizens. It will also speed up the expansion of the service to more countries, as well as grow its partner network and recruit talent in the US and India to launch more products.
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