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05/10/2022 Banking Innovation

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Building financial services beyond borders

Innovation presentation

In an increasingly connected world, it's alarming that the world financially is still limited by geography. And the repercussions of these restrictions are often faced by immigrants moving across countries. They end up not getting easy access to otherwise essential financial services such as bank accounts and credit cards because the financial systems of one country do not listen to the ones in another country.

In the case of America, when immigrants move, they don't get an SSN (Social Security Number) right away, and without SSN, significant banks in the U.S. don't give immigrants the credit they deserve. This is because the financial system overseas sees immigrants as high credit risk individuals due to a lack of enough credit data.

This is where Zolve, as a promising neobank, enters the picture. Zolve aims to bring down these barriers and help immigrants flourish in a new country from day 1. We're on a mission to create a financial world beyond borders that provide equitable access to global financial products on one single platform. Our cross-border capabilities enable global citizens to access financial products seamlessly, save money and invest it further, helping them be financially free to pursue their ambition, no matter where they are.

Keeping in mind this big dream of ours, we've currently helping Indian immigrants (students and working professionals) move to the U.S. to help them chase their American dream without worrying about their finances. And in just a year's time, since our launch in August 2021, we're glad to have made migration easier for so many global citizens. By doing this, not only has Zolve carved its place within the top consumer-first startups in India but globally too.

Uniqueness of the project

The Banking system in the U.S. is built in such a way that for any immigrant, opening a bank account, much less getting a Credit Card, is next to impossible. The bigger banks in the U.S. have the capability, but that requires the customer to be physically present and make several branch visits that can take up to 7-8 days.

Zolve's services are designed so that not having an SSN or credit history does not get in the way of a consumer's creditworthiness and opening a Bank Account, irrespective of their geography. Zolve is a cross-border neo-bank that helps U.S. immigrants and citizens alike (re)build or migrate their credit score from their home country to the U.S. They can do so while they're in their home country!

Zolve’s top offerings:

- Checking Account: Fully digital application - Account can open in under 5 minutes with Passport & Visa

- Credit Card: High credit limit of up to $10,000 for working professionals and $5,000 for students. No SSN required

- International Remittances: Can remit money to 40+ countries and is cheaper, safer, and faster than traditional banks and money transmitters

- Boost Savings Account: exclusive for salaried professionals to earn up to 2% interest on the balance in the account

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