Neobanking startup Zolve secures $251 million funding in equity, debt mix

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Cross-border neobanking startup Zolve on Tuesday announced that it had secured $251 million in a Series B round of fundraising. The funding mix includes $51 million in equity and $200 million in debt.

 

The Series B round was led by Creaegis, with participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, and existing investors Accel, Lightspeed Venture Partners, Sparta Group, and DST Global.

 

The company has about 750,000 users and was launched in 2021.

 

The firm was founded by Raghu G, the co-founder of ride-hailing company TaxiForSure.

 

Zolve is planning to expand into Canada, Australia, and the United Kingdom. It also plans to expand its credit portfolio by launching auto loans, personal loans, and education loans.

 

“Our experience of investing in pioneering global SaaS companies and in the financial ecosystem will enable us to support the company’s mission to offer financial products for international students and professionals worldwide,” said Prakash Parthasarathy, managing partner and CIO, and Nitish Bandi, partner, Creaegis, in a joint statement.