We are incredibly pleased to announce that Zolve has recently raised $15 million in seed funding, led by Accel and Lightspeed. It also saw participation from Blume Ventures and notable angel investors including Dr. Ashish Gupta (ex-Helion MD), Greg Kidd (angel investor in Twitter & Ripple), Kunal Shah (founder of Cred), Rahul Mehta (Managing partner at DST Global) and Rahul Kishore (Senior Managing Director, Coatue Capital). It also marked the first investment of the Founder Collective (investor in Airtable and Uber) in an Indian startup.
We started Zolve with a single aim - to create a financial world beyond borders with a cross-border neo-banking app for global citizens.
The idea originated over a seemingly mundane dinner in New york. As the bill was presented, Raghu (founder of Zolve) saw his friends put forth their debit cards, not credit cards.
On probing further, he was surprised to know that all of these folks, with years of stellar credit history in India had an uphill task in securing credit cards with decent spending limits on them in the U.S because the financial systems of one country do not talk to the financial systems of another country. As he continued talking to more people, he realised that even after one gets settled into the financial ecosystem of a new country, there are multiple teething issues that prevent them from seamlessly accessing financial products from any other country - even their home country.
It seemed like a glaring problem that despite all the globalisation over the last few decades, one's access to financial products is still bound to geographical boundaries.Though people are moving at a fast pace and accessing services across the globe from the comfort of their home, the financial world remains fragmented and archaic. It is absurd that a global citizen has to rebuild their financial identity in a new country as their credit score does not migrate across borders, making access to basic financial products like a credit card & car loan difficult and expensive. Moreover, individuals with financial identities in multiple geographies, (eg: a person from India living in the U.S) are juggling between regulations & systems of different countries as they manage expenses & taxes across borders. Lastly, though information access is seamless across the globe, globally aware citizens are unable to financially act on them. For example, people don't have easy options to invest their savings in other countries despite opportunities to diversify risk and exponentially increase income.
We recognised this differential treatment of global citizens to be counterproductive and started Zolve. Our cross-border neobank will enable users to access multiple financial products across geographies, seamlessly on a single platform. Ultimately we want to create a financial world beyond borders, providing equitable financial access to citizens of the world, no matter where they are.
Since our inception in December 2020, we have been able to bring together a seasoned team with experience in startups, finance and technology. We are an ambitious lot, brimming with optimism, innovation & empathy. If you resonate with our core values and are excited to create a global product, reach out to us at Zolve careers.