Neobank start-up Zolve raises $251m in mix of debt and equity
Zolve, a neobank start-up catering to immigrants moving to the US, has secured $251 million in a mix of debt and equity with plans to expand its services to new territories.
Zolve plans to expand operations to Canada this summer
The funding includes a $51 million Series B round led by Creaegis, TechCrunch reports, alongside a $200 million credit warehouse provided by Community Investment Management.
The equity investment was supported by existing investors Lightspeed Venture Partners, Sparta Group, Accel, and partners at DST Global, while also drawing participation from new backers HSBC, SBI Investment, DG Daiwa Ventures, and GMO Venture Partners.
The raise marks Zolve’s third funding round since being founded in 2020, building upon a $15 million seed round and a $40 million Series A secured in 2021.
Led by founder and CEO Raghunandan G, Zolve provides current accounts, credit cards, loans, insurance, and money transfer services to immigrants moving to the US. It currently counts around 750,000 customers.
TechCrunch reports that the India-based neobank plans to use its latest fundraise to develop its loan offering and to launch operations in Canada this summer, with further expansion into the UK and Australia slated for 2026.
