Zolve's Groundbreaking Series B Funding

In a significant boost to cross-border financial services, Zolve has successfully raised a combined funding of $251 million. This includes $51 million in equity and $200 million in debt, with Creaegis leading the Series B round. Notable participants include HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, along with existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global.

Empowering Global Citizens

Founded in 2021, Zolve is dedicated to providing financial products for international students and professionals relocating to new countries. By assessing financial data from users' home countries, Zolve offers US credit cards and checking accounts, addressing the gap in the financial system for mobile individuals. "The financial system isn't designed for mobility," stated Raghu G, founder and CEO of Zolve. He emphasized the company's mission to enable global citizens to access credit and banking services upon their arrival in a new country.

Expanding Horizons

With 750,000 customers and over $1.2 billion in transactions facilitated, Zolve is on a path to achieve overall profitability by the end of 2025. The company operates on an INR cost base while generating revenue in USD, with 70% of its customers coming through referrals and word-of-mouth. Zolve plans to expand its services into Canada, the UK, and Australia, and is set to introduce auto loans, personal loans, and education loans to its portfolio. Additionally, the company aims to broaden its offerings to include international money transfers, insurance, and investment products.

Support from Creaegis

Creaegis, recognizing Zolve's potential to address a significant financial gap for global professionals, has expressed strong support for the company's expansion. "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, with its banking services, including debit and credit cards, issued through Federal Deposit Insurance Corporation-insured banking partners in the US.