Belonging Secures $5 Million for NRI-Focused Fintech Solutions
Belonging, a burgeoning Fintech startup dedicated to serving Non-Resident Indians (NRIs), has successfully raised $5 million in seed funding. This round was primarily led by Elevation Capital, marking a significant milestone for the company.
Key Investors and Supporters
The fundraising round also witnessed contributions from a variety of prominent investors and angel backers. Notable participants included Abhiraj Singh Bahl and Varun Khaitan from Urban Company, Akshant Goyal, the CFO of Zomato, Varun Alagh of Mamaearth, Vineet Sethi from PayU, and Aditya Sharma from McKinsey.
Utilization of Funds
The newly acquired capital will be instrumental in acquiring regulatory licenses and scaling Belonging’s product suite. The startup aims to expand its reach into NRI-heavy geographies like the Gulf countries, the United Kingdom, and the United States.
Founders and Early Innovations
Founded in 2024 by Ankur Choudhary, Ayush Singh, and Sai Sankar M, Belonging kicked off its journey with a USD fixed deposit product developed in collaboration with Indian banks in Gift City. This innovative product offers tax-efficient yields in India, protection against currency fluctuations, and seamless repatriation for NRIs.
Regulatory Achievements
Belonging has already made strides in regulatory compliance by securing a Payment Service Provider (PSP) license as well as a broker license from the International Financial Services Centres Authority (IFSCA). Such achievements position Belonging as a trustworthy player in the Fintech landscape.
Diversified Product Offerings
In addition to fixed deposits, Belonging plans to launch a suite of investment products, including mutual funds, Indian and American stock options, insurance products, and financial cards—all structured in compliance with the regulatory framework of Gift City. The startup is also developing digital tools tailored specifically for NRIs, such as an FD rate explorer, a Nifty Gift tracker, a Rupee-Dollar monitor, and a residential status calculator, and aims to introduce income declaration services for NRIs in India.
Market Trends: Cross-Border Financial Services
In recent developments within the Fintech space, Aspora, a cross-border payment startup, successfully raised $53 million led by Sequoia Capital and Greylock Partners last month. Such investments highlight the growing investor interest in Fintech solutions providing services to NRIs and facilitating cross-border financial transactions.