Zolve is a Neobanking startup that recently secured $25 million in its fresh funding round as a part of its larger round from Creaegis. The funding round had participation from various new and existing investors. The source close to the deal told Moneycontrol that the round valued the company around $330 to $360 million. The total round size may increase as the agreement is still ongoing. The startup plans to use these fresh proceeds to meet market demand, scale its operations, and for the general corporate purpose of the company.
The company secured $40 million during its series A funding round with a valuation of $210 million. This round saw the participation of Tiger Global, DST Global, Accel, Lightspeed Ventures, and Alkeon Capital. This $25 million round came after the firm secured $100 million in debt from Community Investment Management. This neo-banking platform provides consumers with financial services-related products and tools. The platform offers deposit accounts, money transfers, bill payments, and cross-border transactions. The application has transaction monitoring tools to manage the secure payment processes, and expense & budget management allows the users to keep neat records of their expenses.
The company has secured around $55 million across three funding rounds to date. The data intelligence platform, traxcn mentioned that the startup had a post-money allotment valuation of 210 million during its funding round in 2021. The firm reported an annual revenue of Rs 65.6 crore as of March 2023. This latest funding round followed the conventional debt funding round of the startup. Zolve is backed by around 4 angel investors and 10 institutional investors. The company faces competition from other neo-banking companies, including Vance, UNOKARD, and Winvesta—the Bengaluru startup claims to have more than 500,000 users on its platform. The company is reported to have facilitated transactions of over $600 million.
The firm has raised over $150 million from its equity and debt funding rounds in the past three years. Creaegis was the major investor of the firm for this round. The VC firm closed its maiden fund last year and invested in startups, including health tech startup Medikabazzar, Coffee chain Third Wave Coffee Roasters, and insurance tech company Zopper. The neo-banking company intends to increase its performing capability, and it is already working on expanding its services.
Conclusion
Zolve is a Neobanking startup based in Bengaluru that has successfully raised 25 million USD in its fresh funding round from Creaegis. This round was a part of its larger round. This new funding round is expected to make the company reach a valuation of around $330 to $360 million. The company offers an online platform with transaction monitoring and budget management tools. The startup also provides financial services, including money transfers, bill payments, and cross-border transactions. The Neobanking startup intends to use this fresh capital to enhance its financial Capability and expand its services. The development came after the company secured $100 million in debt round.
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