, the neobank startup that helps immigrants in the US access financial services, has secured a warehouse debt facility of up to $100 million from Community Investment Management (CIM).
Warehouse financing involves a loan made by a financial institution to a company and using its inventory as collateral for the loan.
The $100 million investment will be used by Zolve to cater to offering credit products to migrants in the US. This infusion of funds will enable Zolve to further empower individuals from a multitude of geographical locations and demographic backgrounds on their financial journeys, elevating their banking experience within the United States.
With this new infusion of funds, Zolve is poised for further expansion. Geographically, the UK, Canada and Australia top the list given their popularity among Indian immigrants.
“In the quarters ahead, we’re set to broaden our horizons. Our journey has just begun, and we aspire to extend our reach, offering a bouquet of inclusive financial services that elevate the financial experience for all,” said Raghunandan G.
Founded by serial entrepreneur and angel investor Raghunandan G, Zolve provides immigrants—working professionals and students—bound to the US with access to bank accounts, high-limit credit cards, and debit cards. It does so without the need for an SSN (social security number) or US credit history while they are still in their home countries.
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“We are excited to be early supporters of Zolve’s vision to provide a comprehensive financial solution to the global immigrant community in the United States,” said Jacob Haar, Managing Partner of CIM.
According to Zolve, since its inception in August 2021, the platform has attracted around 500,000 users and facilitated transactions worth more than $600 million.
“Zolve has achieved remarkable growth within only two years of operations while ensuring profitable unit economics amidst a challenging global macro environment,” stated Anand Daniel, Partner at Accel, one of Zolve’s early investors.
In February 2021, Zolve raised $15 million in seed funding led by Accel and Lightspeed. In October 2021, it raised another $40 million in a Series A funding round.
Edited by Kanishk Singh
