Zolve, a neobank set up by TaxiForSure founder Raghunandan G, has received a $15m boost in a seed round led by venture capital (VC) firms Accel and Lightspeed.
The two VC firms were joined by Blume Ventures along with angel investors including Helion co-founder Ashish Gupta, Twitter angel backer Greg Kidd, Cred founder Kunal Shah, DST Global managing partner Rahul Mehta, and Coatue Capital senior managing director Rahul Kishore.
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Founder Collective also participated in the round, marking its debut investment in an Indian start-up.
“Our cross-border neobank will enable global citizens to access financial products seamlessly, save money and invest it further, helping them be financially free to pursue their ambition, no matter where they are,” Raghunandan stated.
The firm aims to utilise the fresh infusion to improve its technology platform and expand its team. It will also use the money to ramp up its marketing efforts.
Headquartered in San Francisco and Bangalore, Zolve collaborates with banks and financial institutions to help individuals migrating to international geographies, including the US, get easy access to banking and credit services. This is said to be a $85bn market.
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By GlobalDataRaghunandan’s earlier startup cab aggregator platform TaxiForSure was snapped up by Ola Cabs in 2015 in a $200 deal.
After that, Raghunandan has been an angel backer in over 40 startups including Vedantu, Bounce, and Ninjacart.
Accel partner Anand Daniel said: “The global citizen community is largely underserved in terms of access to financial services, and we believe that there is a huge market opportunity for Zolve.
“Raghu has a proven track record as a founder and we are delighted to partner with him again, on his latest venture.”
Recently, Indian digital lending startup KreditBee received $75m in a Series C equity round from Premji Invest, Arkam Ventures, Alpine Capital, and Mirae Asset Venture.
