HSBC Backs $51M Series B Funding for Immigrant-Focused Neobank Zolve

Zolve, a neobank designed to support immigrants in the U.S., is gearing up for international expansion after securing $51 million in a Series B funding round. The round was led by Creaegis, with participation from HSBC, along with SBI Investment, GMO Venture Partners, DG Daiwa Ventures, Accel, Lightspeed Venture Partners, Sparta Group, and DST Global. Additionally, Zolve has secured a $200 million warehouse credit line from Community Investment Management to scale its lending operations.

Zolve was created to solve a major financial challenge faced by skilled global professionals moving to the U.S.: the difficulty of obtaining credit without an existing local credit history. Many immigrants, despite having strong financial backgrounds, are denied traditional credit cards and are often forced to rely on secured cards with high deposits and low limits. Opening a bank account can also be a cumbersome process for newcomers.

By leveraging financial data from users’ home countries, Zolve enables immigrants to access U.S. credit cards and checking accounts seamlessly. The company highlights that Indian households in the U.S. earn an average of $135,000—more than twice the national average—yet they are often classified as high-risk borrowers due to their lack of domestic credit history.

Since its launch in 2021, Zolve has attracted 750,000 customers and facilitated over $12 billion in transactions. The company achieved customer-level profitability in early 2024 and is targeting company-wide profitability by the end of 2025.

With fresh funding in place, Zolve is set to expand into Canada, followed by the UK and Australia. It is also broadening its credit portfolio with new offerings, including auto loans, personal loans, and education loans.

“The financial system isn’t designed for mobility,” said Raghu G, CEO of Zolve. “When talented individuals move to a new country, their financial history is erased overnight. We’re changing that by giving global citizens access to credit and banking from the moment they arrive.”