This neobank lets Indian immigrants get US credit card without delay

• Follow

A bank account and credit card have been launched for students and workers arriving in the US, by a neobank, Zolve, according to a report in The Times of India. Zolve provides global access to financial services. The immigrants in the US are not able to get a credit card and open social security for months. With Zolve’s recent launch this problem will be solved. Raghunandan G, founded Zolve. He was also the founder of TaxiForSure, which he later sold to Ola cabs in 2015 for $200 million.

Zolve had raised $15 million in a round led by Cred founder Kunal Shah, Accel and Lightspeed in February. According to Raghunandan, “Because of the credit score in the country, Indians who migrate to the US are mostly super-prime. Due to the lack of credit history, they have to wait for a while to build up a credit score. Until then they are treated as sub-prime customers in the US.

The pilot project was launched by the neobank in 2021. Though it had expected 500 customers, it got over 43,000 customers.

Raghunandan said, “Our expectation was that customers would maintain a balance of around $1,000, while we have seen customers deposit all the way up to $40,000 (Rs 30 lakh) as well.”

For a savings account, Zolve has partnered with Comunity Federal Savings Bank. All deposits are covered for up to $2,50,000. The bank’s deposits are insured with the Federal Deposits Insurance Corporation. Customers can also access the mobile banking app which is integrated with Apple Pay, Google Pay and Venmo.