Zolve, a cross border neobank that helps immigrants from all over the world with their money, has received a big loan of $100 million from Community Investment Management (CIM)—a major milestone in Zolve's mission to simplify financial management for people from various countries, particularly for Indians relocating to the United States.

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The $100 million loan from CIM will be used to provide credit to people who move to the US from other countries. This means Zolve can help people from different places and backgrounds improve their banking experience in the United States.

Since starting in August 2021, Zolve has calimed that it helped about 500,000 people do money transactions worth more than $600 million.

The company boasts an impressive customer retention rate of over 86%, calculated over a 12-month period, it claimed in a statement.

Moving to the US can be tough because it's often hard to get credit. Zolve makes it easier for immigrants to get important financial things like bank accounts and credit cards. They also help people start building a credit history in the US as soon as they arrive.

The founder of Zolve, Raghunandan G, says, "Zolve is driven by a vision of growth and inclusivity, breaking down financial barriers. I believe that when individuals embark on journeys to new countries, be it for education or work, financial barriers should never impede their progress. With the recent capital we've raised, we move closer to realizing a world where access to essential financial resources transcends borders and backgrounds."

More Indians are moving to other countries every year, with over 4 million going abroad for education or jobs, spending more than $100 billion. The US, Canada, and the United Kingdom are some of the most popular places. There are over 32 million people from India living outside the country, the company said.

CIM expressed enthusiasm about supporting Zolve's vision to provide a comprehensive financial solution to the global immigrant community in the United States

Jacob Haar, Managing Partner of CIM, noted, "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."

(Edited by : Anand Singha)

First Published:Oct 11, 2023 10:26 PM IST