Aspora, a fintech startup dedicated to transforming banking for immigrants, has successfully raised $53 million in a Series B funding round co-led by Sequoia and Greylock, with Quantum Light Ventures also joining in. Existing investors such as Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator participated in this round as well.
Before this funding round, the startup had raised $35 million in December 2024, led by Sequoia Capital with Greylock’s involvement. Earlier, in September 2024, it secured $5 million, also led by Hummingbird Ventures.
Aspora, which was previously known as Vance, is focused on creating financial solutions specifically designed for global diasporas, starting with non-resident Indians (NRIs). Although NRIs make up only 1% of India’s population, they play a crucial role in its economy.
Founded in 2022, Aspora enables users to remit money, invest, bank, and access financial products across borders. The company is also working on a range of new services to facilitate seamless banking in multiple countries, investment in various asset classes, and access to credit and insurance services on an international scale.
Currently, the startup operates in the UK, the UAE, and throughout the EU. It is set to launch in the United States this July, with plans to expand into Canada, Australia, and Singapore by the end of the year. Aspora claims to provide zero-fee transfers in the UAE and offers exchange rates that match those displayed on Google.
“The latest fundraise allows us to accelerate our mission of building a truly global financial ecosystem for diaspora communities. We’re just getting started—our users deserve modern financial infrastructure that works across borders,” said Parth Garg, Founder and CEO of Aspora.
Aspora reports that it serves 250,000 users and that its transaction volume has skyrocketed from $400 million to over $2 billion in just the past six months.
The startup is also supported by prominent angel investors, including Balaji Srinivasan, former CTO of Coinbase; Sundeep Jain, former CPO of Uber; Prasanna Sankar, Co-Founder of Rippling; and Chad West, former Global Head of Marketing and Communications at Revolut.
Luciana Lixandru, Partner, Sequoia Capital, and a new member of Aspora’s board, said: “Aspora is bringing diaspora banking into the modern age, enabling many millions to participate in the growth stories of their home countries. This isn’t just about digital banking; it’s about the new opportunities Aspora can create for immigrants all over the world. We were proud to be among Aspora’s first believers by leading their Series A late last year and after seeing the team drive payment volume to $2B. We’re excited to double down and co-lead their Series B as they scale and expand into the US, Canada, and Europe.”
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