Fintech startup Belong, which focuses on NRIs (Non-Resident Indians), has raised $5 million in a funding round led by Elevation Capital.
Relentless Ventures and other angel investors also took part in the funding round. These include well-known names such as Abhiraj Singh Bahl and Varun Khaitan (co founders of Urban Company), Akshant Goyal (CFO of Zomato), Varun Alagh (cofounder of Mamaearth), Vineet Sethi (senior vice president at PayU), and Aditya Sharma (partner at McKinsey).
Belong will use the money to obtain licenses, develop its products, promote its brand, and expand into new markets.
“For resident Indians, everything has become digital, and there are so many financial products. For NRIs, it’s quite different, even though, from the ticket size perspective, they are the cream of the crop. So, we saw a very big gap in the market,” cofounder and CEO Ankur Choudhary said.
“NRIs have long been underserved when it comes to modern, digital-first financial solutions tailored to their unique needs,” said Vaas Bhaskar, partner, Elevation Capital. “Belong is uniquely positioned to serve this massive, underserved market by combining deep fintech expertise with Gift City’s regulatory framework.”
Belong was started in 2024 by Ankur Choudhary, Savitri Bobde, Ayush Singh, and Sai Sankar.
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The company has launched a US dollar fixed deposit product by working with Indian banks at GIFT City. Its goal is to make saving and investing easier for NRIs by solving problems like complicated KYC, high currency exchange fees, tax issues, and difficult money transfer rules.
Belong’s US dollar fixed deposit gives tax-free returns in India, protects against the falling value of the rupee, allows easy transfer of money back home, and offers KYC done at your doorstep.
The company has received two licences from IFSCA — one to provide payment services and another to act as a broker.
It also plans to launch additional products, including mutual funds, Indian and US stocks, insurance, and financial cards, all under the GIFT City rules.
Along with fixed deposits, Belong has launched helpful digital tools for NRIs. These include an FD rate finder, a GIFT Nifty tracker, a rupee-to-dollar rate monitor, and a calculator to check residential status. The company also plans to offer low-cost tax filing services in India for NRIs.
Belong is also planning to expand into major NRI regions, including the GCC, the UK, and the US.
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