Neobanking startup Zolve has raised a Series A round of $40 million at $210 million valuations. The round was led by DST Global, with participation from Alkeon Capital, as well as existing investors Accel and Lightspeed Venture Partner.
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Founded by Raghunandan G, who earlier co-founded ride-hailing startup TaxiForSure and sold it to Ola for $200 million, Zolve is targeting students and working professionals who move between countries. It started operations in December 2020, but the neobanking platform was opened to users in August this year.
“20 million people migrate each year across the world. When a person moves from one country to another, their credit history and behaviour is not transferred to the new place of domicile. This creates problems for them when they want to apply for a credit card, take a loan and other financial products,” said Raghunandan.
In the future, the startup plans to offer services like remittances and investment in stocks across borders. It has begun by targeting US, Australia, and Canada-bound students and working professionals, but will look to expand its market to the Indian diaspora and migrants from other countries. The company puts its total addressable market size at $80 billion.