NEW YORK, Oct. 12, 2023 — Zolve, a cross border neobank helping immigrants across the world gain access to financial services, is proud to announce that it has secured a warehouse debt facility of up $100 million from Community Investment Management (CIM). This milestone marks another significant step forward in Zolve’s mission to ensure the seamless movement of people and money across countries.
The $100 million debt fund secured from CIM will be used to cater to offering credit products to migrants in the US. This infusion of funds will enable Zolve to further empower individuals from a multitude of geographical locations and demographic backgrounds on their financial journeys, ultimately elevating their banking experience within the United States.
Since its inception in August 2021, the platform has attracted around 500,000 users, facilitating transactions worth more than $600 million. The company’s customer retention at > 86% (12 month) and the increase in organic and referral rate (now at >62%) over the last two years conveys that Zolve effectively addresses a persisting challenge faced by a substantial portion of its customer base.
“Zolve is driven by a vision of growth and inclusivity, breaking down financial barriers,” says Raghunandan G, Founder of Zolve. “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.”
Trends Pointing to Increased Immigration to the US
Reports indicate that more than 2.5 million people immigrate to the US annually, contributing over $75 billion to the economy. Additionally, with over 45 million foreign-born residents, there is a significant opportunity to support their financial needs, including international money transfers, affordable insurance plans and loans. “We are excited to be early supporters of Zolve’s vision to provide a comprehensive financial solution to the global immigrant community in the United States,” said Jacob Haar, Managing Partner of CIM. “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.”
The Road Ahead for Zolve
“Zolve has achieved remarkable growth within only two years of operations while ensuring profitable unit economics amidst a challenging global macro environment” says Anand Daniel, Partner at Accel, one of Zolve’s early investors.
With this new infusion of funds, Zolve is poised for further expansion. Geographically, UK, Canada and Australia top the list, given its popularity among global immigrants. Raghunandan G, further adds, “In the quarters ahead, we’re set to broaden our horizons. Our journey has just begun, and we aspire to extend our reach, offering a bouquet of inclusive financial services that elevate the financial experience for all.”
Zolve is a financial technology company, not a bank. The Zolve Debit Card, and Zolve Credit Card, and Zolve Azpire Credit Card are issued by Community Federal Savings Bank, Member FDIC and the Zolve account is offered by Community Federal Savings Bank. In February 2021, Zolve raised $15 Million in seed funding, led by Accel and Lightspeed followed by $40 Million raise in October 2021
Community Investment Management (CIM) is an institutional impact investment manager that provides strategic debt capital to demonstrate and scale responsible innovation in lending. CIM is dedicated to supporting organizations that drive positive change and foster financial inclusion, economic growth, and social impact. Visit https://cim-llc.com/
Photo – https://mma.prnewswire.com/media/2245818/Zolve.jpg
Logo – https://mma.prnewswire.com/media/2245816/Zolve_Logo.jpg
SOURCE Zolve
