Zolve raises 40M in Series A round led DST Global
Zolve recently announced that it raised 40 million in its Series A round of funding led by DST Global. The round also saw participation from Tiger Global, Alkeon Capital, and existing investors Lightspeed Venture Partners and Accel.
The startup plans on using the capital raised for talent acquisition and scaling its operations on a global scale.
Zolve founder Raghunandan G. said, “Our basic value proposition is a credit card. Other than a credit card, you also get a local bank account and a debit card. We never expected our customers to deposit money to their bank accounts. And we thought even if someone deposits money, it would probably be a few hundred or thousand dollars. What we saw is that people are depositing tens of thousands of dollars and using this account as their primary bank account.”
Founded by Raghunandan G, Zolve is a neo banking platform that helps its user base access financial products with ease, without having to pay any premium.
Commenting on the investment,Lightspeed partner Bejul Somaia said, “The company’s rapid acceleration, especially around customer acquisition and usage, is a reflection of the team’s execution capability and significant unmet needs of Zolve’s target customer base. We’re excited for what the future holds and have high confidence in Zolve’s future success.”
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