NRI-focused fintech startup Belong raises $5 Mn led by Elevation Capital

NRI-focused fintech startup Belong has raised $5 million in seed round led by Elevation Capital.

The round also saw participation from Relentless Ventures and angels such as Abhiraj Singh Bahl and Varun Khaitan (Urban Company), Akshant Goyal (Zomato CFO), Varun Alagh (Mamaearth), Vineet Sethi (PayU), and Aditya Sharma (McKinsey).

The proceeds will be used to acquire regulatory licences, scale its product suite, and expand across NRI-heavy geographies such as the Gulf, UK, and US. 

Founded in 2024 by Ankur Choudhary, Ayush Singh, Sai Sankar M, Belong has launched with a USD fixed deposit product developed in partnership with Indian banks operating at GIFT City, offering tax-free returns in India, rupee depreciation protection, doorstep KYC, and easy repatriation.

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

Beyond fixed deposits, Belong plans to launch mutual funds, Indian and US equities, insurance, and financial cards, all structured under GIFT City's regulatory framework. It has also rolled out a set of digital tools designed specifically for NRIs including an FD rates explorer, GIFT Nifty tracker, rupee-dollar monitor, and a residential status calculator and is working on launching India tax filing services for NRIs.

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