- Elevation Capital leads the round, joined by Relentless Ventures and angel investors from Urban Company, Zomato, Mamaearth, PayU, and McKinsey.
- Partnering with Indian banks in the IFSC, Belong offers dollar-denominated FDs to NRIs—starting with the UAE—delivering tax-free returns and hedging against rupee depreciation without the need for NRE/NRO accounts.
Elevation Capital led a $5 million seed investment round for Belong, a fintech firm catering to the Non-Resident Indian (NRI) community. Relentless Ventures and notable angel investors from Urban Company, Zomato, Mamaearth, PayU, and McKinsey also participated.
Ankur Choudhary, Ayush Singh, Sai Sankar M, and Savitri Bobde founded Belong in 2024 to create a complete digital financial platform specifically for the Indian diaspora worldwide.
We are proud to partner with @GetBelong, leading their Seed round, as they become India's first fintech to offer GIFT City products!
— Elevation Capital (@ElevCap) July 9, 2025
For too long, India's NRIs population has been underserved by financial services that don't understand their unique cross-border needs. While… pic.twitter.com/rTUcPbh146
In collaboration with Indian banks based in GIFT City, India's International Financial Services Centre, the company has introduced its first offering, a US dollar-denominated fixed deposit for NRIs.
The UAE, which has the highest population of Indians living abroad, is the product's primary target market.
NRIs can now invest without opening conventional NRE or NRO accounts thanks to Belong's fixed deposit service. It shields investors from currency depreciation while providing tax-free earnings in India.
By solving the main issues NRIs encounter, the company also streamlines onboarding with doorstep KYC and smooth fund repatriation.
Belong has created digital tools such as a rupee-dollar monitor, GIFT Nifty tracker, FD rates explorer, and residential status calculator in addition to its main product
The International Financial Services Centres Authority (IFSCA) has granted the startup broker-dealer and Payment Services Provider licenses, allowing it to provide a greater selection of regulated financial products.
The additional funds will be utilised to scale operations in important NRI markets, such as the US, UK, and Gulf, extend the product, and obtain more regulatory licenses.
Belong intends to launch bank cards, insurance, mutual funds, stocks, and an open tax filing solution tailored to NRIs.
By using fintech innovation and regulatory know-how to close gaps in NRI banking and investing, Belong is poised to establish itself as a reliable financial home for Indians living abroad.
Edited by Annette George
