 "Neobank Zolve raises $100mn in debt facility to offer credit products")
Zolve, an international neo-banking company, said on Wednesday it has got a debt facility of up to $100 million from Community Investment Management (CIM).
Zolve, which has offices in the US and Bengaluru, will use the funding to offer credit products to Indians in the US. "With the recent capital we've raised, we move closer to realising a world where access to essential financial resources transcends borders and backgrounds," said Raghunandan G, Zolve’s founder.
It is estimated that more than 4 million Indians go overseas annually for higher education or career opportunities, representing more than $100 billion in yearly spend. Indians favour the US, the UK and Canada and they are the largest diasporas in the world at over 32 million.
“In only two years of operations, Zolve has achieved remarkable growth within this creditworthy but underserved segment of the market and we are pleased to partner with Raghunandan and his team,” said Jacob Haar, managing partner at CIM.
“Zolve has achieved remarkable growth within only two years of operations while ensuring profitable unit economics amidst a challenging global macro environment” said Anand Daniel, partner at Accel, one of Zolve’s early investors.
Zolve, which was set up in August 2021, has around 500,000 users and it has facilitated transactions worth more than $600 million.
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"In the quarters ahead, we're set to broaden our horizons. Our journey has just begun, and we aspire to extend our reach, offering a bouquet of inclusive financial services that elevate the financial experience for all," said Raghunandan.
Zolve said it aims to become an indispensable financial ally for the global citizen, aligning seamlessly in an interconnected world.
Zolve in February 2021 raised $15 million in seed funding led by Accel and Lightspeed. In October 2021, it raised another $40 Million in one of India's largest Series A funding rounds.