Zolve launches immigrant-focused banking products

Neobank Zolve has launched to provide US immigrants the ability to obtain a fully insured US bank account, credit card and debit card, without the need for a social security number.

Zolve CEO, Raghunandan G

The firm says its online application process takes under 10 minutes and customers will only need to provide a valid visa and passport in order to get hold of a Mastercard-powered credit card, deposit account and mobile banking app.

The suite of products — designed to help new arrivals build credit — has been developed in partnership with Community Federal Savings Bank.

Over 40,000 signups from Australia, Canada, Germany, India and the UK have joined the fintech’s waitlist following a beta launch in August.

The Indian-US challenger says it plans to accept applications from citizens from other countries in the near future.

The Zolve credit card is an unsecured, high-limit credit card, while the deposit account is insured up to $250,000 by the FDIC.

The mobile banking app is integrated with Apple Pay, Google Pay and Venmo and provides customers with payment alerts, reminders and direct deposits as well as educational materials for responsible credit building.

Zolve launched out of stealth mode in February with $15 million in seed funding from investors including Accel, Lightspeed Venture Partners and Founder Collective.

Zolve CEO, Raghunandan G, says the neobank is targeting international students and working professionals looking to start a new life in the United States.

“Before Zolve, US 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.”