With the goal of providing immigrants worldwide with access to financial services, a cross-border neobank is pleased to announce that Community Investment Management (CIM) has granted it a warehouse debt facility of up to $100 million. This accomplishment represents a major advancement in Zolve’s goal of facilitating the smooth transfer of funds and people between nations.
The US debt money of $100 million obtained from CIM would be utilised to provide credit products to immigrants living in the country. With the help of this funding infusion, Zolve will be able to better empower people on their financial journeys from a variety of geographic regions and demographic backgrounds, improving their banking experience in the US in the process.
The platform was launched in August 2021 and has since drawn almost 500,000 users, enabling transactions totaling over $600 million. Given that the company’s customer retention rate is over 86% (12 months) and that its organic and referral rate has increased over the last two years to over 62%, it is clear that Zolve successfully solves a persistent issue that a sizable number of its clientele faces.
According to Raghunandan G, the company’s founder, “Zolve is driven by a vision of growth and inclusivity, breaking down financial barriers.” “In my opinion, money should never be a barrier to entry for people travelling to other nations for employment or education. With the money we’ve gathered recently, we’re getting closer to creating a society in which people from all backgrounds and locations can access basic financial resources.”
According to reports, the US economy benefits from the annual immigration of over 2.5 million individuals, who bring in over $75 billion. With more than 45 million citizens who are foreign-born, there is also a big chance to meet their financial demands, such as loans, inexpensive insurance, and international money transfers. Jacob Haar, Managing Partner of CIM, stated, “We are thrilled to be early supporters of Zolve’s vision to provide a comprehensive financial solution to the global immigrant community in the United States.” “In only two years of operations, Zolve has achieved remarkable growth within this creditworthy but underserved segment of the market and we are pleased to partner with Raghunandan and his team.”
Anand Daniel, Partner at Accel, one of Zolve’s early investors, states, “Zolve has achieved remarkable growth within only two years of operations while ensuring profitable unit economics amidst a challenging global macro environment.”
Zolve is well-positioned for future growth with this fresh round of funding. Geographically speaking, Australia, Canada, and the UK are at the top due to their popularity with immigrants from throughout the world. Raghunandan G goes on to say, “We plan to expand our horizons in the upcoming quarters. We want to grow by providing a wide range of inclusive financial services that improve everyone’s financial experience. Our journey has just begun.”
is not a bank, but rather a financial technology startup. Community Federal Savings Bank, Member FDIC, issues the Zolve Debit Card, Zolve Credit Card, and Zolve Azpire Credit Card. Community Federal Savings Bank also provides the Zolve account. Led by Accel and Lightspeed, Zolve raised $15 million in seed capital in February 2021. In October 2021, the company raised an additional $40 million.
An institutional impact investment manager called Community Investment Management (CIM) provides strategic loan funding to showcase and grow lending innovation that is responsible. CIM is committed to assisting groups that promote positive change, financial inclusion, economic expansion, and