Belong, a fintech platform built exclusively for Non-Resident Indians, has raised $5 million in seed funding to expand its operations and product suite.
The funding round was led by Elevation Capital with participation from Relentless Ventures and several marquee angel investors. The company plans to use the capital to acquire more licenses in GIFT City, hire talent, and ramp up customer acquisition across key global markets.
“Our aim is to provide a full financial suite of products for NRIs—almost like a bank for NRIs,” said Ankur Choudhary, Co-Founder and CEO of Belong, in an interview with CNBC-TV18.
The startup is already live in the UAE with US dollar-denominated fixed deposits and will soon roll out equity products, global insurance, and international cards, all built on GIFT City’s regulatory platform.
Choudhary said regulations have been the biggest challenge for NRIs looking to invest in India. “There are complex regulations around cross-border banking and investments and that is why traditional players have faced these challenges,” he said.
Belong is headquartered in GIFT City, India’s international financial hub, which offers a simplified regulatory framework for foreign investors. This includes a single KYC format, unrestricted remittances, and products denominated in US dollars to minimise conversion costs.
Belong claims to be the first fintech to offer retail financial products through GIFT City. With its payment services provider and broker-dealer licenses, the company can facilitate safe and regulated money movement for NRIs, which can then be directed into various savings and investment instruments.
Choudhary said the decision to start with UAE was strategic. “It has a very high concentration of NRIs and they have a high propensity to invest in India,” he explained. Fixed deposits were chosen because of their simplicity, safety, and popularity among Indians globally.
With plans to expand next into Saudi Arabia, Qatar, the UK, and the US, Belong is positioning itself as a go-to digital platform for NRIs looking to participate in India’s growth story, without the friction of traditional banking infrastructure.
