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Zolve announced on Tuesday that it has successfully raised $251 million in its latest round of equity and debt financing, with leading Indian private equity firm Creaegis spearheading the investment. Noteworthy participants in this funding round include HSBC and SBI Investment. This funding marks a significant milestone for the Houston-based neo bank, with a record valuation of approximately $800 million, according to a source familiar with the deal.

At a time when venture funding in the United States has been lackluster, Zolve's substantial financing underscores the increased investment activity in India. Creaegis, based in Bengaluru, not only led Zolve's previous funding in 2024 but has now taken the helm in this latest round as well.

Zolve's mission is to address credit challenges faced by high-risk newcomer individuals to the U.S. by providing immediate access to financial services upon their arrival in the country. Founder and CEO Raghu Gangappa highlighted, "When talented people move countries, their financial history is erased overnight. We're changing that by giving global citizens access to credit and banking from day one."

The infusion of funds will fuel Zolve's expansion plans, enabling the company to grow its operations. Since its establishment in 2021, Zolve has amassed a customer base of over 750,000 and is now looking to broaden its reach to Canada, the U.K., and Australia. Additionally, Zolve aims to diversify its service offerings by including auto, personal, and education loans.

Notable existing investors such as Accel, Lightspeed Venture Partners, and Sparta Group also participated in this successful funding round.