Aspora, a fintech startup focused on serving the Indian diaspora, has raised $50 million in Series B funding.
The round was co-led by Sequoia Capital and Greylock, with participation from Y Combinator, Hummingbird Ventures, and Quantum Light Ventures. The new capital values the company at $500 million and brings its total funding to over $99 million.
Remittance growth and future roadmap
Formerly known as Vance, Aspora has seen its annual remittance volume surge from $400 million to $2 billion over the past year. Its current product suite centers on simplifying money transfers for non-resident Indians (NRIs), starting with users in the U.K. and later expanding to Europe and the UAE. U.S. operations are set to launch next month, with Canada, Singapore, and Australia to follow later this year.
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Beyond money transfers
The startup aims to build a full-stack financial platform tailored for NRIs. Upcoming features include bill payment tools, fixed deposit options in foreign currency, and full-fledged banking accounts designed for the diaspora. The company also plans to roll out services to help users care for family members back in India, including healthcare checkups and emergency support.
Investors see strategic execution
Sequoia’s Luciana Lixandru noted that the startup’s “speed of execution” and corridor-by-corridor strategy gives it an advantage over both global players like Remitly and Wise and local challengers like Abound. The startup is positioning remittances as a wedge to eventually offer broader financial products including investing, insurance, and lending.
With this funding, the firm aims to redefine how the Indian diaspora manages wealth and family responsibilities across borders.
