Zolve, a cross-border neobanking startup, has secured $251m in a Series B funding round, comprising $51m in equity and $200m in debt.  

Creaegis spearheaded the Series B funding round, joined by HSBC, SBI Investment, GMO Venture Partners, and DG Daiwa Ventures. Existing backers Accel, Lightspeed Venture Partners, Sparta Group, and DST Global also contributed to the fundraise. 

The debt financing was secured from US-based Community Investment Management (CIM), according to Moneycontrol.  

The latest funding is the largest in Zolve’s history, valuing the Houston-based company at approximately $800m, reported Reuters, citing a source.  

Established in 2021, Zolve helps international professionals, students, and immigrants obtain financial services when moving to the US.  

By leveraging their financial history from their home countries, the company allows users to open US bank accounts and access credit cards before relocating.  

This addresses a key hurdle for immigrants, who often face difficulties securing banking services due to an absence of local credit history. 

Zolve aims to expand into Canada next, with the UK and Australia to follow, as part of its goal to support global citizens across diverse regions.  

In addition, the startup is gearing up to launch new financial products such as auto loans, personal loans, and education loans, aiming to become a comprehensive financial platform for internationally mobile individuals. 

In a joint statement, Creaegis managing partner and CIO Prakash Parthasarathy and partner Nitish Bandi said: “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.” 

Since inception, Zolve is reported to have served over 750,000 customers and processed transactions exceeding $1.2bn.  

It also claims to have an 86% customer retention rate. 

Zolve is said to have reached customer-level profitability in early 2024 and aims for company-wide profitability by the end of 2025.  

To expand its lending capabilities, Zolve secured a $100m warehouse debt facility from CIM in October 2023.  

In October 2021, it raised $40m in a Series A round led by DST Global, with contributions from Tiger Global and Alkeon Capital.