If you’re planning to immigrate to the US, then there’s good news for you. With global ambition comes global challenges, and someone’s on your way to tide over by offering seamless cross-border financial services.
Zolve, a fintech company, in partnership with CFSB, offers a full-featured financial services app, an FDIC-insured US bank account, and a high-limit credit card for new immigrants from the moment they arrive. The mobile app even lets you freeze your account if you lose your credit card. In short, Zolve is the best assistance to newcomers as it helps in all ways possible for your financial needs. Head over to the interview we prepared with Raghunandan G, Founder & CEO, Zolve, to know more about the company and its services.
What is the startup / product / venture about? Give us a brief description of it.
Zolve envisions a financial world that goes beyond borders, with financial services purpose-built for global citizens. Designed to help immigrants build their financial futures in the United States, Zolve, in partnership with CFSB**, is the only fintech company that offers a full-featured financial services app, an FDIC-insured US bank account, and a high-limit credit card for new immigrants from the moment they arrive. For more information on Zolve’s credit, deposit, and loan products purpose-built for global citizens, visit Zolve.com
How many co-founders are there? Please introduce them and their backgrounds.
Raghunandan G., Founder and CEO, Zolve
Raghunandan G. was the Founder and Chief Executive Officer of TaxiForSure, a taxi-aggregator that revolutionised India’s urban commute and was later sold to Ola Cabs in 2015 for $200 million. Post the exit, Raghu has been an active angel investor in 50+ startups, counting multiple unicorns and soonicorns in his portfolio. He is also an LP in marquee Venture Capital funds such as Accel, Stellaris Venture Partners, Blume Venture Capital, among others. Raghu is a recipient of ‘40 Under 40 business leaders of India (2014)’ by Fortune India and IIM-A Young Alumni Achiever Award. He is an avid reader and has also participated in Iron-Man and triathlon events across the globe.
How did you come up with the idea? What motivated you to do this?
It was during my time as an investor and mentor, when I met with people across different parts of the world, that is when I got the idea for Zolve. During my trips out of India, I noticed friends and colleagues who were also travelling using their debit cards for payments, as many did not use credit cards. This despite them being senior executives, and having a great pedigree. They had credit in India, but when they travelled abroad, there was a problem. Their credit rating abroad simply didn’t make them worthy of owning any credit services at market rate, and they would end up paying a premium. Financial systems across borders just do not interact. Local banks and financial institutes rely on the local credit scores. If I am moving from Bengaluru to Mumbai, my creditworthiness remains the same, it doesn’t change. So why isn’t creditworthiness universal then? While initially we were assuming that the problem was only in the US, speaking to Indian friends in different parts of the world made me realise it is a global problem, and one that wasn’t just restricted to Indian immigrants. That is how the idea of Zolve incubated.
Who is your target market? Why do you think your product will appeal to them?
Who are your competitors? How are you different from them?
None so far
What are the future plans with the product/startup? Any new features you are planning on?
We look forward to expanding the scale and reach of our products, helping even more immigrants globally to achieve their dreams.