Zolve is one of the many niche neobanks that have taken the world by storm. Financial digital institutions that waive off the need for a brick and mortar storefront, giving their clients prime service, with all the tools and advantages of a regular bank. In this article, we’re going to talk about Zolve. A financial platform aimed at bettering the Indian community and helping them have more control over their personal economy. Zolve is meant to empower this sector.
What is Zolve?
Zolve is a neobank, with excellent fintech benefits. Zolve's primary focus is the Indian community — the immigrant Indian community in the United States. Millions of Indians leave their country on an annual basis. More than 4% of the population vacate their ancestral home and strike out on their own globally. This includes tens of thousands of professionals and students that want to start a new life in a foreign country, embrace the advantages that other regions offer them.
One of their biggest hurdles, once they move out of India, in the pursuit of tiger education or more job opportunities, is having a financial platform that is willing to accept them — a bank. They struggle to get credits from local reputable banks and end up paying a premium for access to tools that other people take for granted. Prohibitive fees and cut-throat rates.
Banks in the U.S, or for that matter most other countries, depending on a local credit score. One that is determined by financial institutions and rated. For example, in the US, the FICO score is a conglomeration of benchmark and sum totals of three economic institutes that collect a person’s economic data. This determines the worthiness of applicants and the interest rate they can give out on any given credit. Even if an individual has great credit in the country they come from, Indian for instance, they can transport that record to another country.
Zolve aims to bridge this gap. The company is on a mission, one devoted to giving Indian immigrants in the United States the ability to have access to basic financial services.
Zolve’s Mission
Zolve wants to give access to financial products to everyone. To all the global citizens, not just United States citizens. Today, the world is increasingly connected. Millions of individuals migrate from their homes to foreign lands in search of their dreams. Borders are simply virtual, and due to multiple policy changes, migrating to another country has never been easier. That is why, given the quick access to certain immigration privileges, it’s paramount for this sector to have entry to basic financial tools. Tools that shouldn’t be dependent on traditional systems and models.
Zolve aims to design a financial platform that goes beyond the confines of borders and provides great access to financial products on a single all-encompassing digital platform. Zolve’s current lineup of services and products include an operational bank account and a high-limit credit card. Potential clients can apply to both of these products while they are still in their home country.
Zolve currently serves the India-U.S. corridor. The company lets people apply for a U.S. bank account and U.S. credit card right from their home country and on day one. It’s quick, easy to apply, and the process is done straight from the app or the website. It is a lightning-fast procedure with minimal documentation and zero application fees. Zolve helps you prepare its clients for a sound financial life in the USA.
As of 3 Quarter of 2021, Zolve has managed to raise over $55 million in various funding rounds. The company has 12 key investors, amongst them Accel and Tiger Global Management.
Zolve was founded by Raghunandan G, the creator and Chief Executive Offices of TaxiForSure — a taxi service, like Uber, that revolutionized India’s urban commutes. The company was sold to Ola Cabs in 2015 for $200 million. Since then, Raghunandan has been an active angel investor, one that has helped over +50 startups, counting multiple unicorns.
Raghunandan’s company, Zolve, is targeted at Indians that want to start a new life in the United States, nevertheless its tools, products and services are available to everyone. To all demographics regardless of origin or credit history.
Zolve features
Zolve has multiple features meant to help out its clients. Tools like:
- An operational U.S. bank account, totally digital.
- A high-limit MasterCard credit card- up to $10,000 - that enables fair access to financial tools.
- No foreign transaction fees.
- No annual fees.
- No credit history.
- No need for a social security number.
- Rewards with partner stores.
- 5-minute online applications.
- No minimum balance is required.
- 10% cashback on more than 10k merchants - among them Walmart, H&M, Adidas, Sephora.
- A powerful new-age online app that helps you manage your money.
- Powerful security features, protected by FDIC insurance up to $250,000 through Zolve’s partner bank.
