Zolve, a neobank catering to immigrants in the US, is set to expand internationally after securing $51 million in a Series B funding round, led by Creaegis and supported by HSBC.
Additionally, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, Accel, Lightspeed Venture Partners, Sparta Group, and DST Global participated in this funding round. Zolve has also obtained a $200 million warehouse line from Community Investment Management to support its growing credit portfolio.
Established to address the challenges faced by highly-skilled professionals moving to the US—particularly the difficulty of obtaining credit cards without a local credit history—Zolve aims to help these individuals build credit. Despite Indian households in the US averaging an income of $135,000—more than double the US average—migrants often find themselves classified as high-risk borrowers with limited credit access. Banks typically only offer secured credit cards that require substantial deposits for minimal limits, and new arrivals face cumbersome processes when trying to open bank accounts.
Zolve leverages financial data from customers’ home countries to provide credit cards and checking accounts to professionals and students relocating to the US. Since its launch in 2021, the company has attracted 750,000 customers and facilitated over $12 billion in transactions. It reached customer-level profitability in early 2024 and anticipates achieving overall profitability by the end of 2025.
With its funding secured, Zolve intends to expand into Canada, followed by the UK and Australia, while also diversifying its credit offerings to include auto loans, personal loans, and education loans.
“The financial system isn’t designed for mobility,” states Raghu G, CEO of Zolve. “When talented individuals move countries, their financial history disappears overnight. We’re changing that by providing global citizens access to credit and banking from the moment they arrive.”