Startup Story Team
Fintech startup Belong has secured $5 million in seed funding to expand its range of financial services for Non-Resident Indians (NRIs). The funding will help the company establish a strong presence in GIFT City, Gujarat’s International Financial Services Centre (IFSC), and develop compliant banking solutions tailored to the needs of the global Indian diaspora.
$5 Million Seed Funding to Power Expansion:
Belong raised $5 million in a seed round led by investors including Fin Capital, Venture Highway, and global angel investors such as Kunal Shah (CRED), Ramakant Sharma (Livspace), and Kunal Bahl and Rohit Bansal (Snapdeal). The funding round also saw participation from notable fintech operators and professionals. This capital will be used to scale Belong’s operations, build its product stack, and strengthen regulatory infrastructure at GIFT City.
Mission: Modern Banking for NRIs:
Belong is focused on building a fully digital, compliant banking infrastructure that specifically serves NRIs. The goal is to help Indians living abroad manage their financial lives more easily in India. This includes services such as bank accounts, investments, loans, and remittances-all designed to meet regulatory standards while being accessible digitally.
Leveraging GIFT City for Global Operations:
The startup is registered with the International Financial Services Centres Authority (IFSCA), allowing it to operate within the GIFT City framework. GIFT City offers a global financial ecosystem with special regulations and tax benefits, making it a strategic location for serving NRIs. Through this, Belong aims to connect offshore and onshore financial services seamlessly.
Product Offerings in Development:
Belong is working on a suite of financial products including NRI accounts, investment platforms, and credit offerings. These services will be tailored to NRI-specific needs such as cross-border taxation, currency exchange, and compliance. The startup plans to partner with Indian financial institutions and international banking entities to provide end-to-end solutions.
Backed by Fintech Veterans:
Belong’s founding team consists of experienced fintech and financial services professionals, including co-founders Nitin Gupta and Pratyush Asawa. The team brings experience from companies like PayU, Ola Financial Services, and Boston Consulting Group. Their combined vision is to reimagine how NRIs manage money across geographies.
Looking Ahead:
With the fresh funding and strategic location in GIFT City, Belong is poised to become a key fintech player serving over 30 million Indians living abroad. The startup aims to go live with its first set of offerings by the end of 2025, promising a smooth, secure, and regulation-friendly banking experience for the global Indian community.
