Zolve raises ₹300 cr
cityairnews
Oct 27, 2021 07:34
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Chandigarh, 27 October: Zolve, a neobank enabling global access to financial services, today announced the closing of ₹300 crores in Series A funding, one of the largest within the fintech space in India. This funding round raises the 10-month old company’s valuation to ₹1,575 crores. The round was led by Partners of DST Global, who have previously led rounds in many prominent global fintechs such as Robinhood, Nubank, Chime, Revolut, and Wealthsimple. The round also recorded participation from Tiger Global, another prolific investor in the global fintech space, counting multiple unicorns in its portfolio. Alkeon Capital, as well as existing investors Accel and Lightspeed Venture Partners, also participated in the round. The funding amount will be used to rapidly scale the company’s financial services platform.
Since launching in September 2021, more than 70,000 customers from Australia, Canada, Germany, India, and the United Kingdom, among others, have signed up for Zolve. The new round of funding comes just 7 months after announcing a large seed round of ₹112.5 crores, which saw the participation of Accel, Lightspeed Venture Partners, and a host of other marquee investors.
“While we intended to start with a small cohort of 500 users, we were oversubscribed by almost 90x from working professionals and students within the first few weeks. This incredible traction has been far beyond what we had envisioned and clearly demonstrates that there is a tangible need for a service that provides global citizens equitable access to financial products,” said Raghunandan G (‘Raghu’), CEO and Founder of Zolve. “We look forward to expanding the scale and reach of our products, helping even more immigrants globally to achieve their dreams.”
