Cross-border neobanking startup Zolve has secured $251 million in a Series B funding round led by existing investor Creaegis to support its expansion plans.
The latest round valued the startup at around $800 million, Reuters reported.
The capital raised is a combination of $51 million in equity and $200 million in debt. Other participants in the round include HSBC, SBI Investment, GMO Venture Partners, and existing investors like Accel, Lightspeed Venture Partners, among others.
The Bengaluru-based startup plans to use the funds to expand into the UK, Canada, and Australia. It also plans to launch new products and services like auto, personal, and education loans.
Indian PE firm Creaegis also led Zolve‘s previous financing in 2024.
In 2023, the fintech company received a loan of up to $100 million from US-based investment firm Community Investment Management (CIM). In 2021, it raised $40 million in a Series A funding round led by partners of DST Global after bagging $15 million in a seed round.
Established in 2021 by TaxiForSure cofounder Raghunandan G, the fintech company has grown to have 7,50,000 users. It targets expatriates in the US and provides them FDIC-insured US bank accounts and credit cards without the need for a social security number in the US and a local credit history, despite this segment being considered as high-risk borrowers.
