Total amount raised
$406.1 Millions
Latest funding date
3/1/2025
Location
Zolve has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform offers a range of financial products, including USA credit cards, overseas student loans, and checking accounts.
Keep reading to explore the intricacies of Zolve's fundraising journey and the investors backing this innovative platform.
What Is Zolve?
Zolve, founded in 2020 by Piyush Agarwal and Raghunandan G, is a neo-banking platform based in Bangalore, Karnataka, India. The company offers a variety of financial products, including USA credit cards, overseas student loans, and checking accounts. With a team of 101-250 employees, Zolve aims to simplify cross-border financial transactions for its users.
How Much Funding Has Zolve Raised?
- Seed Round
- Amount Raised: $15M
- Date: February 2021
- Lead Investors: Accel, Lightspeed India Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart operations and develop the initial product offerings.
- Series A
- Amount Raised: ₹3B
- Date: October 2021
- Lead Investors: DST Global
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the team.
- Debt Financing
- Amount Raised: $100M
- Date: October 2023
- Lead Investors: Community Investment Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the growing credit portfolio and expand financial services.
- Series B
- Amount Raised: $51M
- Date: March 2025
- Lead Investors: Creaegis
- Valuation at Round: $800M
- Motivation Behind the Round: To accelerate expansion plans and diversify financial offerings.
- Debt Financing
- Amount Raised: $200M
- Date: March 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the expansion of credit offerings and scale operations.
Total Amount Raised: $366M
Current Valuation: $800M
Key Investors
- Accel
- Details: Accel is a global venture capital firm that has been investing in technology companies since 1983. They have a strong presence in both early and growth-stage investments.
- Investment Focus Areas: Technology, consumer, enterprise.
- Notable Investments: Facebook, Dropbox, Slack.
- Lightspeed Venture Partners
- Details: Lightspeed Venture Partners is a venture capital firm that focuses on early-stage investments in the technology sector. They have a global reach with offices in Silicon Valley, Israel, India, and China.
- Investment Focus Areas: Technology, innovation, consumer.
- Notable Investments: Snap, Nest, GrubHub.
- Community Investment Management
- Details: Community Investment Management (CIM) is an institutional impact investment manager that provides debt capital to underserved markets. They focus on supporting financial inclusion and economic development.
- Investment Focus Areas: Impact investing, financial services, fintech.
- Notable Investments: Not publicly disclosed.
- Creaegis
- Details: Creaegis is an Indian private equity firm that focuses on technology-driven companies. They led Zolve's Series B funding round.
- Investment Focus Areas: Technology, financial services, SaaS.
- Notable Investments: Not publicly disclosed.
- HSBC
- Details: HSBC is a multinational banking and financial services organization headquartered in London. They have a significant global presence and offer a wide range of financial products and services.
- Investment Focus Areas: Banking, financial services, fintech.
- Notable Investments: Not publicly disclosed.
What's Next for Zolve?
With a fresh $251 million in funding, Zolve is poised to seize significant opportunities by expanding into new markets like Canada, the UK, and Australia. The company plans to diversify its financial offerings to include auto loans, personal loans, and education financing, addressing the financial challenges faced by global migrants. This expansion could potentially serve millions of new customers, leveraging Zolve's existing base of over 750,000 users.
Future fundraising appears promising, given the strong backing from investors like Accel and Lightspeed Venture Partners. However, Zolve will need to navigate regulatory hurdles and intense competition in the neobanking sector. Maintaining high customer retention rates while scaling operations will be crucial for sustained growth.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Zolve and gather other critical business insights. Sign up for free today and elevate your sales strategy with the power of detailed, actionable information.
