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ZolvAnd one of the new banks that help to provide financial access to high -end, high -end and follow -up citizens, $ 251 million in a new financing round (a mixture of stocks and debts), as the start of operation aims to expand its presence and enter new geography.
Every year, millions of people with high skills move to countries like the United States for new opportunities. However, one of the main challenges they face is to access financial services, even once you start getting good salaries. Banks often deprive them of credit and loans because there is no credit history in their new country – despite the good credit date in their home country. This becomes particularly difficult when these people want to buy assets like a new home to live in, or a car to move daily.
Zolve aims to Treat this with NeobankAnd, which helps newcomers access to credit and banking services on the day they enter the United States without the need for a credit record. The emerging company currently targets global citizens entering the United States, providing them with credit cards and checking accounts using their home credit data.
“Financial institutions in one country do not speak to financial institutions in another country because individuals with low -sufficient risks end up to highly dangerous treatment. Ragonandan, founder and director of Zolving, said in an interview: this is the problem we are trying to solve.”
Since its launch in 2021, Zolve has collected 750,000 customers, has processed more than $ 1.2 billion in transactions so far. The founder told Techcrunch that the startup also achieved net revenue last year.
Now, Zolve aims to increase these numbers by providing loans, starting with automatic loans and gradually expanding personal and educational loans.
The founder said that car dealers in the United States are demanding 40 % in advance and providing an interest rate ranging from about 19-21 % for expatriates because they do not have a credit record-the traders themselves can provide cars to a local American by 10 % in advance and credit at a benefit price from 6 to 7 %. Zolving can address this equivalence by accessing the history of credit for people from their home country and the risk of subscription.
The startup also plans to enter Canada by July or August this year and enter the United Kingdom and Australia next year.
Zolve raised $ 51 million in shares in the series B, led by Creegis, with the participation of HSBC, SBI, GMO and DG Daiwa to support expansion. Current investors Accel, LightSpeed Venture Partners, Sparta Group and DST Global also participated. In addition, the tour included $ 200 million to purchase expatriate books from its partner banks to secure risk.
The founder said that the emerging company ultimately aims to serve global users who move to the United States and Canada, but also individuals in the West between countries or move to Asia and other regions by building a continuous financial network.
