Zolve, a neobank designed to help immigrants access financial services in the U.S., has secured $51 million in a Series B funding round led by Creaegis, with participation from HSBC, SBI Investment, GMO Venture Partners, DG Daiwa Ventures, Accel, Lightspeed Venture Partners, Sparta Group, and DST Global. Additionally, the company has secured a $200 million warehouse line from Community Investment Management to expand its credit portfolio.
Founded to address the financial barriers immigrants face, Zolve helps professionals and students moving to the U.S. gain access to credit cards and checking accounts without requiring a local credit history. The company leverages home country financial data to assess creditworthiness, solving the issue of immigrants being classified as high-risk borrowers despite strong earning potential.
Since its 2021 launch, Zolve has onboarded 750,000 customers, processing over $12 billion in transactions. It reached customer-level profitability in early 2024 and is on track for company-level profitability by 2025. With this funding, the company is set to expand into Canada, the UK, and Australia, while broadening its credit offerings to include auto loans, personal loans, and education loans.
CEO Raghu G emphasized the company’s mission, stating: “The financial system isn’t designed for mobility. When talented people move countries, their financial history is erased overnight. We’re changing that by giving global citizens access to credit and banking from the moment they arrive.”