Cross-border neobank Zolve has raised $251 million in equity and debt funding in its Series B round, led by Creaegis with participation from HSBC, SBI Investment, GMO Venture Partners, and DG Daiwa Ventures. Existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global also took part in the funding round.
Zolve provides financial services to immigrants in the U.S., offering FDIC-insured bank accounts and credit and debit cards through its banking partners. These services do not require a Social Security number or a U.S. credit history. The latest funding round also includes a warehouse line from Community Investment Management to support the expansion of its credit portfolio.
The company plans to use the funds to expand into new markets, starting with Canada, followed by the UK and Australia. Additionally, Zolve intends to broaden its credit offerings by introducing auto loans, personal loans, and education loans. Despite having an average household income of $135,000—more than twice the U.S. national average—many international professionals and students face challenges in accessing credit due to limited financial history in the country.
By leveraging financial data from users’ home countries, Zolve provides access to credit products and banking services, helping newcomers establish financial stability in the U.S. Since its founding in 2021 by Raghu G, who previously co-founded TaxiForSure, Zolve has reached 750,000 customers and facilitated over $1.2 billion in financial transactions. The company expects to achieve profitability by the end of the year.
Zolve previously raised a $40 million Series A round in October 2021 and a $15 million seed round in February of the same year. In 2023, it secured a $100 million debt round, according to Tracxn data.
