Mumbai, India — In a promising step towards transforming banking services for Non-Resident Indians (NRIs), fintech startup Belong has successfully closed a ₹43 crore funding round, led by prominent venture capital firm Elevation Capital. This strategic infusion aims to enhance Belong’s offerings tailored specifically for the Indian diaspora and expand its footprint across global markets.
Strengthening the NRI Banking Ecosystem
Belong, founded in 2017, specializes in providing seamless banking solutions for NRIs, including account opening, remittance services, and investment opportunities—all designed with the unique needs of Indians living abroad in mind. The company’s platform simplifies cross-border transactions, minimizes costs, and ensures compliance with Indian financial regulations, making it a go-to choice for millions of NRIs.
According to Belong’s CEO, Sundeep Caccura:
“Our mission is to make banking effortless for NRIs, helping them stay connected with India and manage their finances efficiently from anywhere in the world.”
Impact and Future Plans
The recent funding will enable Belong to further develop its platform, introducing new features like multi-currency accounts, enhanced investment options, and personalized financial advice. Additionally, the company plans to expand its presence beyond India, targeting the Middle East, North America, and Southeast Asia—regions with significant Indian diaspora populations.
Growth Metrics:
- Over 1 million registered users
- Facilitated transactions worth hundreds of crores annually
- Strategic partnerships with leading banks and remittance companies
Investment Rationale
Elevation Capital, known for backing innovative startups with high growth potential, praised Belong’s unique positioning in the NRI banking segment. The VC firm believes that as India continues to grow economically, its overseas Indian community will seek reliable, efficient financial services—something Belong is well poised to deliver.
Partner at Elevation Capital, Vidit Aatrey, commented:
“Belong fills a critical gap in the NRI banking space with its customer-centric approach and innovative solutions. We are excited to support their journey of scaling and creating a larger impact globally.”
The Growing NRI Market in India
India’s NRI population is estimated to be around 32 million, with a significant percentage actively managing remittances and investments back home. This demographic represents a lucrative market for financial technology firms focusing on digital banking services—especially in an era where convenience and digital-first solutions reign supreme.
Final Thoughts
With the latest funding, Belong aims to become a top choice for NRIs seeking reliable, affordable, and user-friendly banking services. As financial technology continues to evolve, startups like Belong are playing a pivotal role in connecting Indians worldwide to their homeland’s financial ecosystem, fostering greater economic integration and digital inclusion.