Zolve, a banking platform aimed at helping immigrants build financial futures, has closed its Series A on $40m, raising its valuation to $210m.
The round was led by Partners of DST Global, with commitments also coming from Tiger Global, Alkeon Capital, Accel and Lightspeed Venture Partners.
Zolve, which is ten months old, launched its services in September 2021 and already has over 70,000 customers from Australia, Canada, Germany, India and the UK.
With the burst of equity, Zolve hopes to enhance its user experience for global citizens, helping them open US accounts within minutes. Additionally, capital will support the expansion of the platform to support more nationalities.
Finally, capital will be used to bolster its partner network and hire more staff in the US and India.
Zolve provides immigrants with access to an FDIC-insured bank account, high-limit credit card and debit card, which is based on the home country credit score, and more.
Raghunandan G., Zolve CEO and founder, said, “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.
“We look forward to expanding the scale and reach of our products, helping even more immigrants globally to achieve their dreams.”
The investment comes just seven months after Zolve secured $15m in its seed round, which was backed by Accel, Lightspeed Venture Partners and others.
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