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 10,000), 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. The company’s credit card offering also provides cashback rewards of up to 10% at over 7,000 merchants.

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.