NRI-focused fintech Aspora closes $53M round to broaden reach

Aspora, a London-headquartered fintech startup focused on the banking needs of the Indian diaspora, has raised $53 million in a Series B funding round co-led by Sequoia Capital and Greylock. The fresh capital will support the company’s push into new markets, including the United States, Canada, Australia, and Singapore.

Founded in 2022 by Parth Garg, a Stanford University dropout, Aspora is seeking to build a cross-border financial platform tailored for immigrants, starting with non-resident Indians (NRIs). The company claims it now serves over 250,000 users, primarily based in the UAE, who use its platform for remittances and other financial services.

“Global Indians have long been underserved by traditional financial infrastructure,” Garg said in a statement. “Our goal is to build a seamless, transparent, and truly international financial experience.”

The latest financing brings Aspora’s total funding to $93 million over three rounds raised in the past six months. That includes a $35-million Series A funding led by Sequoia in December 2024 and a $5-million seed extension in September 2024.

Quantum Light Ventures, the fund backed by Revolut CEO Nik Storonsky, joined its captable in the Series B round alongside returning investors Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator.

Aspora’s core offering includes fee-free remittances from the UAE to India at exchange rates pegged to those displayed on Google. The company said it has processed more than $2 billion in transactions in the past six months, saving customers an estimated $15 million in fees when compared with traditional money transfer services.

The startup is now gearing up for its US launch in July, part of a broader expansion strategy targeting high-density diaspora corridors. It also plans to roll out additional banking, investing, credit, and insurance products aimed at immigrants managing finances across borders.

Aspora, which rebranded from “Vance” earlier this year, maintains offices in London, Dubai, and Bengaluru. Notable angel backers include former Coinbase CTO Balaji Srinivasan and Uber’s ex-chief product officer, Sundeep Jain.

Luciana Lixandru, Partner at Sequoia and now a board member at Aspora, said the company is “bringing diaspora banking into the modern age.” She added, “This isn’t just about remittances—it’s about unlocking financial participation for millions living across borders.”

Aspora operates at the intersection of cross-border banking, remittances, and fintech services for global diaspora communities—particularly non-resident Indians (NRIs). It competes with a range of players including remittance specialists, neobanks, traditional banks, and fintechs offering investment and credit products to immigrants.

In the remittance space, Aspora faces competition from global fintech giants like Wise (formerly TransferWise), known for its transparent pricing and mid-market exchange rates, and Revolut, which offers multi-currency wallets and low-fee transfers to international users. US-based players such as Remitly, WorldRemit, and Instarem (part of NIUM) also serve high-volume corridors like the Gulf to India and are strong contenders in Aspora’s core markets.

Aspora competes with immigrant-focused neobanks such as Zolve, a US-based startup offering financial products like credit cards and US banking services to Indian immigrants even before they arrive in the country.