Zolve, a fast-growing neo bank, has secured $251 million in equity and debt funding to fuel its expansion. The company is on a mission to bridge the financial gap for skilled professionals relocating to the U.S. and beyond, providing seamless access to banking and credit services.
Every year, millions of skilled professionals migrate to the U.S., only to face hurdles when trying to open bank accounts, get credit cards, or secure loans. Traditional banks hesitate to extend credit due to their lack of a U.S. credit history, despite strong financial records in their home countries.
Zolve is changing this narrative by offering instant banking access to newcomers, enabling them to obtain credit cards and checking accounts from the day they arrive. The startup evaluates applicants using their home-country credit data, ensuring they receive fair financial opportunities in their new country.
“Our goal is to ensure financially responsible individuals aren’t unfairly classified as high-risk due to a lack of local credit history,” said Raghunandan G, founder and CEO of Zolve.
Exponential Growth and New Offerings
Since launching in 2021, Zolve has attracted 750,000 customers and processed over $1.2 billion in transactions. The company generated $25 million in net revenue last year and is now expanding its services to include auto, personal, and education loans.
One major challenge expats face is buying a car in the U.S. Dealerships often require 40% upfront payments and impose high 19–21% interest rates on loans due to a lack of credit history. Meanwhile, U.S. citizens receive 6–7% rates with just a 10% down payment. Zolve aims to level the playing field by underwriting risk based on applicants’ existing financial backgrounds, offering lower interest rates and better loan terms.
Zolve is gearing up for international expansion, with plans to enter Canada by mid-2024 and expand to the UK and Australia in 2025. The long-term vision is to build a globally connected financial network, allowing seamless cross-border banking for individuals relocating between countries in North America, Europe, and Asia.
Funding and Strategic Growth
The latest Series B funding round includes $51 million in equity, led by Creaegis, with contributions from HSBC, SBI, GMO, and DG Daiwa. Existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global also participated. Additionally, Zolve secured $200 million in debt to acquire expat credit books from partner banks, helping it scale its lending operations.
With a combination of AI-driven risk assessment, home-country credit evaluation, and a commitment to expanding financial inclusion, Zolve is reshaping global banking for expats—ensuring fair and accessible financial services no matter where they move.
