This startup is becoming the financial bridge connecting India’s global talent with homeland opportunities by leveraging regulatory innovation to serve the underbanked global Indian community with sophisticated financial solutions!
What is the news?
- Belong, a fintech startup offering investment products tailored to non-resident Indians (NRIs), has raised $5 million (approximately Rs 42.9 crore) in seed funding led by Elevation Capital, with participation from Relentless Ventures and several high-profile angel investors including Urban Company co-founders, Zomato CFO, Mamaearth CEO, and McKinsey partner.
- Founded in 2024 by Ankur Choudhary, Ayush Singh, Sai Sankar M, and Savitri Bobde, the startup operates out of GIFT City and has secured Payment Services Provider (PSP) and broker-dealer licenses through IFSCA, positioning itself as a comprehensive digital financial platform for the NRI community.
Why is it interesting?
- Operating from GIFT City’s International Financial Services Centre, Belong leverages India’s financial innovation sandbox to serve NRIs across the Gulf Cooperation Council, the UK, and the US markets. Their founders previously co-founded Goalwise (an investment advisory firm that was acquired), bringing proven fintech execution experience to the NRI segment.
- The product suite addresses critical NRI pain points. Beyond fixed deposits, they’re building a comprehensive wealth platform including mutual funds, Indian and US equities, insurance with global coverage, and financial cards. Their digital tools (GIFT Nifty tracker, residential status calculator, NRI compliance compass) show deep understanding of the regulatory complexity NRIs face.
- With plans to launch India tax filing services for expatriates and expand into key NRI markets, they’re targeting a demographic that’s financially sophisticated but underserved by traditional Indian banks. The angel investor roster (Urban Company, Zomato, Mamaearth, PayU, McKinsey) demonstrates strong validation from Indian unicorn builders.
Read more: NRI-focused fintech startup Belong raises Rs 43 crore in a round led by Elevation Capital