Zolve Secures $100M Warehouse Financing from Community Investment Management to Boost Immigrant Financial Services

• ByStartupStory     |    October 11, 2023

Zolve, the innovative neobank startup focused on providing financial services to immigrants in the United States, has successfully secured a significant warehouse debt facility of up to $100 million from Community Investment Management (CIM). This financial facility, which involves using inventory as collateral for a loan, will enable Zolve to expand its offerings of credit products tailored for migrants in the United States.

Zolve’s mission is to empower individuals from diverse geographical locations and demographic backgrounds on their financial journeys, enhancing their banking experiences within the United States. With the infusion of these funds, Zolve is well-positioned for further expansion, particularly in the United Kingdom, Canada, and Australia, which are popular destinations for Indian immigrants.

Founder Raghunandan G, a serial entrepreneur and angel investor, stated, “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.”

Zolve offers a range of essential financial services to immigrants, including working professionals and students relocating to the US. Notably, these services are accessible without requiring an SSN (social security number) or US credit history while individuals are still in their home countries. Zolve provides access to bank accounts, high-limit credit cards, and debit cards, simplifying the financial integration process for immigrants in the US.

Jacob Haar, Managing Partner of CIM, expressed enthusiasm about supporting Zolve’s vision. He said, “We are excited to be early supporters of Zolve’s vision to provide a comprehensive financial solution to the global immigrant community in the United States.”

Since its inception in August 2021, Zolve has made remarkable strides in the industry. The platform has successfully attracted approximately 500,000 users and facilitated transactions worth more than $600 million. Anand Daniel, Partner at Accel, one of Zolve’s early investors, commended the company’s growth. He mentioned, “Zolve has achieved remarkable growth within only two years of operations while ensuring profitable unit economics amidst a challenging global macro environment.”

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Zolve’s journey to financial empowerment for immigrants began with a $15 million seed funding round in February 2021, led by Accel and Lightspeed. In October 2021, the company secured another $40 million in a Series A funding round, further reinforcing its mission to provide essential financial services to immigrant communities in the United States.

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