Neobank Zolve secures $100m debt facility for credit offerings to Indians abroad

Neobank Zolve secures $100m debt facility for credit offerings to Indians abroad

Zolve, an “international neo-banking company”, has reportedly successfully secured a debt facility of up to $100m.

The financing came courtesy of Community Investment Management (CIM), according to a report from Business Standard.

Specialising in providing banking solutions, Zolve focuses primarily on Indians in foreign countries. The firm identifies a significant trend: over four million Indians venture abroad annually for better education or career prospects, leading to an expenditure exceeding $100bn. Among the preferred destinations for this move, which totals over 32 million, the US, UK, and Canada emerge as favourites.

The Bengaluru and US-based neo-bank plans to channel the new funding to extend credit products to Indians residing in the US. Raghunandan G, Zolve’s founder, expressed enthusiasm, highlighting that the fresh capital pushes the company closer to a world where vital financial resources aren’t bound by geographical or background limitations.

Boasting remarkable growth in its mere two years of operation, Zolve caters to about 500,000 users. Furthermore, it has managed transactions amounting to over $600m. The company envisages itself as a vital financial ally for global citizens, aiming to sync perfectly in our interconnected world.

Raghunandan furthered this vision by stating, “In the quarters ahead, we’re set to broaden our horizons. Our journey has just begun, and we aspire to extend our reach, offering a bouquet of inclusive financial services that elevate the financial experience for all.”

Keep up with all the latest FinTech news here.

Copyright © 2023 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.