Cross-border neobanking startup Zolve has raised $251 million in an equity and debt funding round led by Creaegis, with participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, and existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global.
The Series B round includes a $200 million warehouse line (debt) from Community Investment Management (CIM) to support its growing credit portfolio across multiple geographies. This follows Zolve’s October 2023 warehouse debt facility of $100 million from the same US-based impact investor.
With this latest round, Zolve has secured a total of $406 million in equity and debt financing to date.
Expanding Financial Access for Immigrants
Founded in 2021 by Raghunandan G, Zolve provides immigrants with FDIC-insured US bank accounts and credit cards without requiring a Social Security number. The company has grown rapidly, now serving 750,000 customers and facilitating financial transactions exceeding $1.2 billion.
Zolve reports that it achieved customer-level profitability in early 2024 and is on track for company-level profitability by the end of 2025.
Growth and Expansion Plans
The company plans an aggressive expansion into three key areas:
- Geographical Growth – Zolve will enter Canada next, followed by the UK and Australia.
- Credit Portfolio Expansion – New offerings will include auto loans, personal loans, and education loans.
- Full-Stack Financial Services – The company aims to provide seamless international money transfers, insurance, and investment products, evolving into a comprehensive financial platform for global citizens.
With this fresh infusion of capital, Zolve is poised to redefine financial accessibility for immigrants worldwide, bridging gaps in banking and credit across borders.
