Belong
Overview
Belong is a financial technology company focusing on offering USD Fixed Deposits to non-resident Indians (NRIs) through India’s GIFT City. Founded in 2024, Belong aims to ease the complexities of international banking for NRIs by providing competitive financial products and seamless cross-border transfers. The company is headquartered in Bengaluru, India, and was co-founded by Ankur Choudhary, Ayush Singh, Sai Sankar M, and Savitri Bobde. Belong has raised $5 million in seed funding led by Elevation Capital, serving as the foundational step towards their operational goals across major geographies including the UAE, GCC, UK, and the US.
Recent Developments
- March 2025: Belong announced the raising of $5 million in a seed funding round led by Elevation Capital, with participation from renowned angel investors including Urban Company co-founders and Zomato CFO. These funds are earmarked for acquiring necessary regulatory licenses and expanding the product suite in major NRI markets.
- April 2025: The company launched an NRI-focused app enabling users to access USD Fixed Deposits with enhanced customer service benefits such as doorstep KYC and seamless repatriation services.
- May 2024: Belong secured legal permissions under IFSCA to offer additional financial services, consolidating its offerings with mutual funds and equities.
- 2023: The company launched in stealth mode and received substantial customer engagement on its financial tools, such as an NRI FD rates explorer and a rupee-dollar monitor.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2024 |
| Headquarters | Bengaluru, India |
| Founders | Ankur Choudhary, Ayush Singh, Sai Sankar M, Savitri Bobde |
| Revenue | Unknown |
| Profits | Unknown |
| Key Investors | Elevation Capital, Relentless Ventures |
| Industry | Financial Technology |
| Number of Employees | 28 |
Early History
Belong was founded in 2024 amidst the burgeoning fintech landscape in India. Co-founded by a team of industry veterans, the company identified a critical service gap in the financial services available to NRIs. With their professional experiences and network, they received immediate traction in raising a seed fund to facilitate the early development of their platform, which promised significant improvements over traditional NRI banking methods. From initiation, Belong focused on leveraging technology to offer a streamlined, user-friendly solution, gaining credibility through partnerships with domestic and global financial entities.
Company Profile and Achievements
Belong has adopted a unique business model centered around offering USD Fixed Deposits to NRIs, protecting investments from the depreciation of the Indian Rupee. Since inception, Belong has set itself apart by launching first-to-market financial products tailored specifically for the NRI clientele who often face bureaucratic challenges in cross-border banking:
- Successfully secured a Payment Services Provider (PSP) license and a broker-dealer license under the IFSCA framework.
- Launched digital tools including an FD rates explorer, GIFT index tracker, and compliance guide, aimed at enhancing the financial literacy and functionality for NRIs.
- Developed an AI-driven analytics platform to provide insights for users about exchange trends, further empowering their clientele in managing investments.
- Expanded operations beyond India into promising international markets, beginning with a base in the UAE to capture a significant segment of Indian expatriates.
Current Operations and Market Position
Belong, with operations concentrated around India's GIFT City, currently holds a strong market position in delivering tailored financial solutions for NRIs. The company is well-positioned to gain a competitive edge through advanced technology integration and strategic expansions into NRI-dense regions. Its business structure is focused on combining user-centric financial products and ease of transaction which enhances their competitive margin against traditional banking competitors. Continued advancements and applications into various financial products reflect Belong's ambition for a broader market share alongside maintaining robust compliance standards.
Conclusion
In conclusion, Belong has emerged not just as an innovative player in India's fintech sector but also as a vital bridge for NRIs with its tailored financial products. Moving forward, as the company scales its products and broadens its international presence, its adherence to regulatory compliance and commitment to customer-centric innovation will be crucial. Belong is poised for a promising trajectory as it continues to refine its offerings, exploring further opportunities to meet the diverse financial needs of global Indians.