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By
Startupstory | July 9, 2025
Belong: Transforming Financial Solutions for NRIs
Belong, a pioneering fintech startup designed for the Non-Resident Indian (NRI) community, has successfully secured $5 million in seed funding led by Elevation Capital. This marks its official entry into the market, with participation from key investors including co-founders of Urban Company, Abhiraj Singh Bahl and Varun Khaitan, as well as industry leaders such as Zomato’s CFO Akshant Goyal and Mamaearth’s CEO Varun Alagh.
A Unique Offering in Fintech
Founded in 2024 by Ankur Choudhary, Sai Sankar M, Ayush Singh, and Savitri Bobde, Belong emerges as the first fintech platform to enable USD fixed deposits for NRIs through India’s Gift City (International Financial Services Centre). This innovative approach facilitates seamless cross-border transactions, addressing a critical need within the NRI community.
Regulatory Backbone for Financial Products
Operating through Betafront Technologies PVT LTD and its subsidiaries in Gift City, Belong holds necessary licenses as a payment service provider (PSP) and broker dealer under the International Financial Services Authority (IFSCA). This regulatory framework empowers them to offer a diverse range of compliant financial products designed for NRIs.
Addressing NRI Financial Challenges
“Being away from India presents unique challenges, especially in navigating cross-border banking and investment management,” said Ankur Choudhary, co-founder and CEO of Belong. “NRIs have forged global identities through hard work and ambition, yet financial services have lagged behind. We aim to establish Belong as the trusted financial home for the global Indian community.”
Key Features of Belong’s Platform
Belong is tackling the pain points faced by NRIs with innovative features such as:
- No KYC hurdles
- No need for NRE/NRO accounts
- Simplified repatriation process
- Tax-free declarations in India
- A secure USD fixed deposit product that safeguards against INR depreciation
Future Plans and Market Expansion
The platform has also developed digital tools tailored for NRIs, including a fixed deposit rate explorer, a Nifty Gift tracker, a tax residency calculator, currency monitoring, and compliance guides. Looking ahead, Belong plans to roll out additional services such as mutual fund investments, access to Indian and U.S. stock markets, international insurance, global financial cards, and a simplified income declaration solution.
A Focused Vision for the NRI Community
“NRIs have long awaited modern financial solutions tailored to their unique needs,” remarked Vaas Bhaskar, Partner at Elevation Capital. “Belong uniquely serves this vast, underserved market by merging deep fintech expertise with the robust regulatory framework of Gift City.”
Expanding Horizons Beyond India
Belong envisions expanding its services to other key markets, including GCC countries, the UK, and the United States, with the goal of evolving into a comprehensive financial platform specifically designed for the global Indian diaspora. This ambitious vision underscores Belong’s commitment to empowering NRIs with innovative financial solutions.