Fintech startup Aspora raises $53 million to transform banking for global Indians

Aspora, a fintech startup focused on reimagining banking for immigrants, has raised $53 million in a Series B funding round co-led by Sequoia and Greylock, with Quantum Light Ventures also participating. Existing investors, including Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator, also took part in the round.

Prior to this round, the startup raised $35 million in December 2024, led by Sequoia Capital with participation from Greylock. Before that, it secured $5 million in September 2024, led by Hummingbird Ventures.

Aspora, formerly known as Vance, said it is building financial solutions tailored for global diasporas—starting with non-resident Indians (NRIs), who represent just 1% of India’s population but contribute significantly to its economy.

Founded in 2022, Aspora helps users remit money, invest, bank, and access financial products across borders. It is also developing a suite of new offerings to help users bank seamlessly in multiple countries, invest in diverse asset classes, and access credit and insurance services internationally.

The startup currently operates in the UK, the UAE, and across the EU. It is now preparing to launch in the United States this July, followed by planned expansions into Canada, Australia, and Singapore by the end of the year. Aspora claims to offer zero-fee transfers in the UAE and exchange rates identical to those shown 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 claims it serves 250,000 users and that its transaction volume has surged from $400 million to over $2 billion in the past six months.

The startup is also backed by notable 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.”