NRI-focused fintech startup Belong raises $5 M Seed funding from Elevation Capital
Elevation Capital is leading a $5 million seed round for the fintech startup Belong, which focuses on NRIs.
Angel investors Abhiraj Singh Bahl and Varun Khaitan (Urban Company), Akshant Goyal (CFO of Zomato), Varun Alagh (Mamaearth), Vineet Sethi (PayU), and Aditya Sharma (McKinsey) also participated in the round, along with Relentless Ventures.
The money raised will be utilized to scale its product line, obtain regulatory licenses, and enter NRI-heavy regions like the US, UK, and the Gulf.
Belong was founded in 2024 by Ankur Choudhary, Ayush Singh, and Sai Sankar M. Its USD fixed deposit product, created in collaboration with Indian banks at GIFT City, offers tax-free returns in India, protection against rupee depreciation, doorstep KYC, and simple repatriation.
Belong has previously obtained a broker-dealer license and a Payment Services Provider (PSP) license from the International Financial Services Centers Authority (IFSCA).
In addition to fixed deposits, Belong intends to introduce mutual funds, insurance, financial cards, and Indian and US stocks, all of which will be governed by GIFT City’s laws. Additionally, it has launched a suite of digital tools tailored for non-resident Indians (NRIs), such as a residential status calculator, GIFT Nifty tracker, rupee-dollar monitor, and an FD rates explorer. Additionally, it is in the process of introducing India tax filing services for NRIs.
Sequoia Capital and Greylock Partners led the $53 million fundraising effort for Aspora, a cross-border payments startup backed by Y Combinator, last month.
