Zolve

San Francisco and Bangalore-based Zolve is a cross-border neobank that provides incoming immigrants to the US with bank accounts, via a web portal and a mobile app.

The company provides high-limit credit cards (up to USD 5,000), and debit cards based on their home country credit score, and does not require social security numbers of US credit history while they are still in their home countries. The app also facilitates direct deposits and mobile payments. The company also does not charge upfront fees, such as application fees, credit card fees, or monthly bank account fees, and also does not impose minimum balance requirements.

Zolve offers credit cards under three different plans: 1) Zolve Classic, 2) Zolve Signature, and 3) Zolve Black. Zolve Classic is a free plan with 1% cash back and USD 1,000 worth of accidental death coverage, while Zolve Signature and Zolve Black cost USD 9.99 and USD 29.99 per month, respectively. Furthermore, the two plans offer higher cashback return and offer additional perks such as travel coverages.

Key customers and partnerships

As of October 2023, the company had amassed over 500,000 customers from countries such as Australia, Canada, Germany, India, and the UK, and claimed that its customer retention rate over the past 12 months exceeded 86%.

Moreover, Zolve partnered with Gigs, a telecom-as-a-service platform, to introduce Zolve Connect in August 2023, allowing its customers to activate phone plans offered by AT&T or T-Mobile via the Zolve app and website.

Fundings and financials

In October 2023, the company secured a debt facility of USD 100 million from Community Investment Management (CIM). It aimed to use the fresh funds to provide credit products and expand its operations to the UK, Canada, and Australia. As of the same date, it reported to have processed more than USD 600 million in transactions.