Zolve, a neo banking start-up in India, has raised $40m in a Series A funding round led by DST Global.

The round also saw participation from Tiger Global and Alkeon Capital along with existing investors Accel and Lightspeed Venture Partners.

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Zolve will use the funding to scale its financial services platform, grow its partner network, launch new offerings, and hire in the US and India.

The fintech offers services such as FDIC-insured US bank account, credit card, and debit card to US-bound immigrants and is on track to become a full-stack financial services provider.

Zolve, which was launched in September 2021, claims that over 70,000 customers from Australia, Canada, Germany, India, and the UK, have signed up for its services.

It will use the funds to expand its offerings to more nationalities as well.

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Zolve CEO and founder Raghunandan G said: “While we intended to start with a small cohort of 500 users, we were oversubscribed by almost 90x from working professionals and students within the first few weeks.

“We look forward to expanding the scale and reach of our products, helping even more immigrants globally to achieve their dreams.”

Customers with valid visa and passport can apply online to use Zolve’s products.

The latest funding, which values the company at $210m, comes seven months after the seed funding round of $15m.

Anand Daniel of Accel said: “Zolve is among the few startups I have seen that achieved product-market fit right out of the gate. We are proud to be among the first to recognize the tremendous value that Zolve is creating by bringing its full-stack financial solutions to the global market for immigrants.”