Zolve Launches First-Ever Neobank To Offer Credit Cards and Bank Accounts to U.S Immigrants Upon Arrival
Bengaluru, India― Zolve, the first neobank enabling global access to financial services, announced the launch of unique financial products which provide U.S. immigrants from around the world the ability to obtain an FDIC-insured U.S. bank account, credit card, and debit card upon entering the U.S. — all without a social security number, in partnership with Community Federal Savings Bank (CFSB). Zolve has created the opportunity for U.S. immigrants to start building their financial future in America from the moment they arrive.
With users from Australia, Canada, Germany, India, and the United Kingdom on their waitlist, Zolve launched in beta in August 2021 and has since seen over 43,000 signups.
Customers can apply online in under 10 minutes by providing proof of a valid visa and passport. Zolve products include:
· Zolve Credit Card (powered by Mastercard): An unsecured, high-limit credit card with 0% APR for the first six months*, no application fee, and no foreign transaction fees.
· Zolve Deposit Account: A deposit account, FDIC insured up to $250,000, with no minimum balance requirements and no social security number required to apply.
· Zolve Banking Mobile App: On-the-go mobile app integrated with Apple Pay, Google Pay, and Venmo that provides customers with payment alerts, reminders, access to direct deposits, and other financial tools and educational materials for responsible credit building.
“We created Zolve to level the playing field for international students and working professionals looking to come to the United States by providing them with the toolset they need to embark on their American dream,” said Raghunandan G (Raghu), Founder and CEO of Zolve. “Before Zolve, U.S. immigrants were not able to obtain a bank account or a credit card without waiting months, sometimes years, to establish credit or obtain a Social Security Number. Our mission is to create a financial world beyond borders with equal access to high-quality banking products for global citizens from every country.”
Zolve launched out of stealth mode in February 2021 with $15 million in funding from marquee investors such as Accel, Lightspeed Venture Partners, Founder Collective, and a host of notable angel investors and plans to expand its operations globally, further tapping into the global financial product market for immigrants.