Belong Raises $5M to Build a Digital Finance Platform for NRIs
In a major push to simplify global Indian finance, NRI fintech startup Belong has raised $5 million in fresh funding. This round, led by Elevation Capital, will fuel Belong’s mission to serve non-resident Indians with seamless, modern financial solutions. Elevation Capital Backs Belong’s NRI Vision Belong secured backing from Elevation Capital, a well-known venture investor, alongside Relentless Ventures and several strategic angels. These include prominent names such as Abhiraj Singh Bahl and Varun Khaitan (Urban Company), Akshant Goyal (Zomato), Varun Alagh (Mamaearth), Vineet Sethi (PayU), and Aditya Sharma (McKinsey). With this capital in hand, Belong plans to speed up licensing, launch more products, and scale geographically. Moreover, the startup aims to improve brand awareness among NRIs through sharper marketing efforts. Gift City Offers a Strong Regulatory Foundation Instead of navigating scattered frameworks, Belong chose to anchor its operations in Gift City, India’s International Financial Services Centre. Through this strategic choice, the company now operates under clear regulations while enjoying flexibility to innovate. It already holds a Payment Services Provider licence and a broker-dealer licence from the International Financial Services Centres Authority (IFSCA). These approvals give Belong a firm regulatory base as it builds out its NRI fintech stack. USD Fixed Deposits Lead the Offering Belong didn’t waste time launching its first flagship product. In partnership with Indian banks in Gift City, it now offers USD fixed deposits to NRIs. These deposits provide tax-free returns in India, hedge against rupee depreciation, and allow simplified repatriation. To reduce friction, the company even offers doorstep KYC — an innovation rarely available to NRIs before. As a result, this product directly addresses major pain points like documentation delays, tax confusion, and currency conversion costs. Useful Tools Make Financial Decisions Easier Belong didn’t stop at products. It also developed several helpful digital tools to guide NRI users through their financial decisions. These include an NRI FD rates explorer, a GIFT Nifty tracker, a rupee-dollar exchange monitor, and a residency status calculator. Additionally, Belong plans to offer NRI tax filing services at fair pricing — a welcome alternative to overpriced consultants. Clearly, the startup wants to build trust by delivering transparency and ease at every touchpoint. Product Expansion Already in Motion While fixed deposits come first, Belong will soon expand into other key financial products. It plans to introduce mutual funds, Indian and US equities, insurance, and NRI financial cards, all structured under Gift City regulations. In fact, CEO Ankur Choudhary emphasized that resident Indians already enjoy smooth digital finance, but NRIs still struggle. "That gap is exactly what we want to close with our NRI fintech platform," he said. Tapping into a $129 Billion Opportunity As NRI remittances to India jumped from $82 billion in 2019 to $129 billion in 2024, the need for tailored solutions grew. However, NRIs' share in mutual fund AUM fell from 2.9% to 2.3%. This mismatch suggests untapped demand — and Belong is ready to fill it. Global Expansion in Sight Belong isn’t limiting itself to one region. It will expand into major NRI markets including the Gulf Cooperation Council (GCC), the United Kingdom, and the United States. These regions house large NRI communities that actively seek smarter financial access. According to Vaas Bhaskar, partner at Elevation Capital, “NRIs remain underserved, but Belong’s team brings the right expertise, speed, and regulatory alignment through Gift City.” A Strong Start for NRI Fintech With investor confidence, regulatory clarity, and a sharp product roadmap, Belong stands at the forefront of the NRI fintech revolution. Its focus on solving practical problems — not just building flashy features — gives it a serious edge. Expect more innovation, better tools, and wider global presence as Belong reshapes financial access for the global Indian. Read the full article
