Belong: Revolutionizing Financial Solutions for NRIs
Startup fintech company Belong has successfully secured $5 million in its latest financing round, led by Altitude Capital. This funding will allow Belong to launch operations that focus on retail investment products tailored for non-resident Indians (NRIs) through the innovative framework of Gift City.
High-Profile Investor Participation
The latest funding round saw participation from notable investors, including Abhiraj Singh Bahl and Varun Khaitan, co-founders of Urban Company, Akshant Goyal, CFO of Zomato, Varun Alagh of Mamaearth, Vineet Sethi, Vice President at PayU, and Aditya Sharma, a partner at McKinsey. Their involvement underscores the growth potential of Belong as it targets the underserved NRI market.
Addressing Key Challenges for NRIs
Co-founder and CEO Ankur Choudhary highlights that the capital will be utilized to acquire necessary regulatory licenses, expand the product suite, and enhance marketing efforts. “NRIs face several challenges when trying to save and invest in India, such as complex KYC processes, high currency conversion costs, tax implications, and burdensome repatriation procedures,” Choudhary noted.
Innovative Financial Products
Founded in 2024, Belong launched its operations with a USD fixed deposit product in collaboration with Indian banks operating in Gift City. This product aims to alleviate the long-standing pain points encountered by NRIs, offering streamlined services that include tax declaration benefits in India, protection against currency fluctuations, simplified repatriation procedures, and convenient door-to-door KYC services.
Expanding Service Offerings
Belong has already obtained payment service provider (PSP) and brokerage licenses from the International Financial Services Centres Authority (IFSCA) and plans to expand its offerings to include mutual funds, Indian and U.S. stocks, insurance, and financial cards—all within the regulatory framework of Gift City.
Digital Tools for Enhanced Financial Management
Alongside fixed deposits, Belong has launched various digital tools such as an NRI FD rate explorer, a Nifty Gift tracker, a currency monitor, and a residential state calculator. These tools aim to equip NRIs with data-driven insights, further simplifying their financial management processes. Additionally, Belong plans to offer affordable tax declaration services tailored for NRIs.
Growth Potential in the NRI Market
The remittance flow to India has significantly increased, growing from $82 billion in 2019 to an estimated $129 billion in 2024. However, the share of NRIs in the assets under management (AUM) has seen a decline from 2.9% to 2.3%, indicating a significant gap in tailored financial products for this segment. Belong aims to bridge that gap by targeting other key NRI markets, including the GCC countries, the UK, and the United States.
Future Prospects
Vaas Bhaskar, partner at Elevation Capital, stated, “NRIs have long been underserved when it comes to modern financial solutions that cater to their unique needs.” By combining deep fintech expertise with the regulatory advantages of Gift City, Belong is poised to serve this vast and overlooked market effectively.
As the fintech landscape continues to evolve, Belong stands out as a pioneer, ready to meet the growing demands of NRIs, ultimately aiming to transform their financial experiences and provide unprecedented access to investment opportunities.