How does Zolve monetize and what is its partnership with the Community Federal Savings Bank?

If you want to provide banking products -- a bank account, debit card, credit card -- in the US, you need to be a licensed entity. Licensing has certain requirements. It's a very long process. The second thing is that licenses in the US are given state-wide, not at the country level. If you really want to apply, then you apply for the license in all fifty states, and each has its own processes. But if you partner with a bank, like CFSB or anybody like that, they have all the approvals and all the licensing in place. They take care of the regulations and compliance. So that bit is handy. When we partner with them, we use their balance sheet and use their licensing, and we start giving our customers bank accounts, debit cards, credit cards, loans, insurance, etc. They take care of the back-end rails, regulations, and compliance. We take care of the consumers’ end. So we focus on what we know best; they focus on what they know best. 

Why did we choose CFSB? The criteria that typically come into the picture are an appreciation of this migrant population, having the ability to provide the banking products and credit products, and tech savviness. Our growth is limited by our partner's growth. If they don't appreciate the customer segment that we're targeting, then we end up with problems. So it would be fair to say that they met all our criteria, as well as speed to market. 

Since we acquire customers in India and look at their credit history, education history and employment history, we know what a good risk profile is. We don't mind taking the credit risk on the customers and providing them with a credit card and things like that in the US. That's what it comes down to. The bank is just providing the rails, so the bulk of the revenue that we make from the customer comes to us out of the bank.