NRI-focused Fintech Startup Belong Secures $5 Million in Seed Funding

NRI-focused fintech startup Belong has successfully raised $5 million in its seed funding round, which was spearheaded by Elevation Capital. The funding round also attracted contributions from Relentless Ventures and several prominent angel investors, including Abhiraj Singh Bahl and Varun Khaitan from Urban Company, Zomato’s CFO Akshant Goyal, Varun Alagh of Mamaearth, Vineet Sethi from PayU, and Aditya Sharma of McKinsey.

The capital raised will be allocated towards acquiring necessary regulatory licences, enhancing its product offerings, and expanding its footprint into regions with a significant NRI presence, such as the Gulf, UK, and US.

Belong’s Launch and Offerings

Founded in 2024 by Ankur Choudhary, Ayush Singh, and Sai Sankar M, Belong has kicked off operations with a USD fixed deposit product created in collaboration with Indian banks situated in GIFT City. This product promises tax-free returns in India, safeguards against rupee depreciation, doorstep KYC services, and hassle-free repatriation.

Regulatory Approvals

Belong has already acquired a Payment Services Provider (PSP) licence as well as a broker-dealer licence from the International Financial Services Centres Authority (IFSCA).

Future Plans for Expansion

In addition to fixed deposits, Belong aims to introduce mutual funds, Indian and US equities, insurance products, and financial cards, all designed within the regulatory framework of GIFT City. The startup has also launched a suite of digital tools tailored for NRIs, including an FD rates explorer, GIFT Nifty tracker, rupee-dollar monitor, and a residential status calculator. Furthermore, Belong is in the process of developing India tax filing services for NRIs.

In related news, Aspora, a Y Combinator-backed cross-border payments startup, successfully raised $53 million last month, led by Sequoia Capital and Greylock Partners.