NRI-focused fintech startup Belong has raised $5 million in its seed funding round led by Elevation Capital with participation from Relentless Ventures and prominent angel investors including Abhiraj Singh Bahl and Varun Khaitan (Urban Company), Akshant Goyal (Zomato), Varun Alagh (Mamaearth), Vineet Sethi (PayU), and Aditya Sharma (McKinsey).
The Bengaluru based startup plans to use the fresh capital to acquire regulatory licenses, scale its digital product suite, and expand its footprint in key NRI-dense markets including the Gulf region, the UK, and the US.
Founded in 2024 by Ankur Choudhary, Ayush Singh, and Sai Sankar M, Belong launched with a USD fixed deposit product in partnership with Indian banks operating under GIFT City regulations. The product offers tax-free returns in India, rupee depreciation protection, doorstep KYC, and easy repatriation, catering specifically to the financial needs of the Indian diaspora.
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Belong has already secured a PSP and broker-dealer license from the IFSCA, enabling it to build a broader suite of financial offerings.
In the coming quarters, the startup plans to launch mutual funds, Indian and US equities, insurance, and financial cards, all under the GIFT City framework. It has also rolled out digital tools like an FD rates explorer, rupee-dollar monitor, GIFT Nifty tracker, and residential status calculator — with plans to add India tax filing services for NRIs soon.
