Banking Briefing: A look into new challenger bank Zolve and a few thoughts on niche banking apps
- How far can this world of niche challenger banks go?
- Plus, as income sources become more varied, so are lending strategies.
Zolve, founded in 2021, is a challenger bank focused on serving US migrants from India.
Currently, the banking app offers its users account options, credit cards, crypto trading, and student loans.
Last week, I spoke with founder and CEO of Zolve, Raghunandan G. He told me about the growth the startup has been seeing since its start last year.
The company has raised $40 million in its Series A funding round, managed to get 70,000 people on its waiting list, and rolled out its credit card to 2,000 users.
“We are looking at building a financial world that goes beyond borders, and we want to simplify the whole process of money movement across borders. And that’s our vision,” said Raghunandan.
Looking ahead, Raghunandan’s plans are to expand Zolve’s offerings to users from India migrating to other countries as well, including the UK, Australia and Canada.
It’s true that Zolve is still young, but its growth and approach brings to mind a question: how niche can a niche banking app get?
It’s not that long ago that I spoke with Magnus Larsson, CEO and founder of Majority, a challenger bank focused on helping people from different countries immigrate to the US.
This content is available exclusively to Tearsheet Outlier members.
Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account