Cross-border fintech platform, Zolve reported a 28% increase in revenue in FY23 rising to Rs 65.59 crore compared to Rs 50.89 crore in FY22.
Founded in 2020 by Raghunandan G, Zolve provides access to financial products to global citizens. It provides a US checking account and a US credit card to immigrants without needing a social security number in the United States. Zolve’s product offerings also include insurance, education, and auto loans.
The Banglore-based start-up has raised a total of Rs 1241.33 crore in funding over 3 rounds, The latest funding was raised in Oct 2023 from a debt financing round led by Community Investment Management. The valuation and shareholding are currently unavailable as the company’s holding entity is based in the US. But according to media reports the company currently stands at a valuation of over Rs 1000 crore.
The accel-backed start-up recorded a rise in expenses along with revenue, reaching Rs 67.85 crore from around Rs 50 crore in FY22. Employee benefits accounted for more than 50% of the total expenses, Followed by advertisements and legal and professional charges.
Despite the rise in revenue the losses for the company expanded massively from over Rs 4 lakh in FY22 to Rs 2.25 crore in FY23.
Zolve’s current EBITDA margin turned negative at -1.86% while the ROCE climbed to 186.93%.