Latest news with #Aspora
Time of India
7 hours ago
- Business
- Time of India
Fintech Aspora raises $53 million to expand cross-border banking for global Indians
Bengaluru: Aspora, a London-headquartered fintech startup focused on providing banking services for immigrant communities, has raised $53 million co-led by Sequoia and Greylock, with participation from Quantum Light Ventures. The company, which was previously known as Vance, is targeting the global Indian diaspora as its first major customer base. The latest round follows Aspora's $35 million and a $5 million seed extension last year. Over the past six months, the company has raised a total of $93 million across multiple funding rounds. Founded by Parth Garg in 2022, who dropped out of Stanford University to start the venture, Aspora is building cross-border financial products for non-resident Indians (NRIs) and other diaspora segments. According to the company, it currently serves 250,000 users, with its primary user base in the UAE. Over the past six months, Aspora's transaction volume has grown from $400 million to more than $2 billion, with users saving over $15 million in fees compared to traditional providers. Aspora offers zero-fee remittance transfers from the UAE and provides exchange rates identical to market benchmarks displayed on Google, while fees may apply in other markets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Eat 1 Teaspoon Every Night, See What Happens A Week Later [Video] getfittoday Undo The company currently operates across the UK, EU, and UAE, and plans to launch in the United States in July 2025, followed by expansion into Canada, Australia, and Singapore by the end of the year. In addition to institutional investors, Aspora is backed by a group of individual investors that includes Balaji Srinivasan (former CTO, Coinbase), Sundeep Jain (former CPO, Uber), Prasanna Sankar (co-founder, Rippling), and Chad West (former global marketing head, Revolut).
Entrepreneur
12 hours ago
- Business
- Entrepreneur
Fintech Aspora Closes USD 53 Mn Series B Led by Sequoia and Greylock
You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Fintech startup Aspora, which was previously known as Vance, has successfully raised USD 53 million in a Series B funding round, co-led by Sequoia Capital and Greylock. It also received support from Quantum Light Ventures, Hummingbird Ventures, and Y Combinator. With this latest round, the company's total funding has reached $99 million, giving it a valuation of USD 500 million. The new funds will be used to enhance Aspora's cross-border banking infrastructure, expand into new markets like the US, Canada, Australia, and Singapore, and introduce a range of financial products designed specifically for global diaspora communities. Currently, Aspora operates in the UK, UAE, and EU, serving over 250,000 users, mainly non-resident Indians (NRIs). "The latest fundraise allows us to accelerate our mission of building a truly global financial ecosystem for diaspora communities," said Parth Garg, the Founder and CEO of Aspora. "We're just getting started—our users deserve modern financial infrastructure that works across borders." Founded in 2022 by Parth Garg, who left Stanford University to pursue this venture, Aspora is dedicated to rethinking banking for immigrants. The company provides zero-fee remittance services, offers exchange rates that match Google's, and supplies tools for investing, banking, and accessing credit and insurance on a global scale. Aspora rebranded from Vance to Aspora in April 2025, reflecting its ambition to serve diaspora populations worldwide, not just in India. In just six months, Aspora claims its transaction volume has increased from USD 400 million to over USD 2 billion, saving users more than USD 17.5 million in foreign exchange fees. This latest Series B round follows two earlier funding rounds: a $5 million seed extension in September 2024 and a USD 35 million Series A in December 2024, both led by Sequoia Capital and backed by existing investors. Luciana Lixandru, Partner, Sequoia Capital, "Aspora is bringing diaspora banking into the modern age. This isn't just about digital banking; it's about the new opportunities it creates." Aspora is backed by notable angel investors including Balaji Srinivasan (former CTO, Coinbase), Sundeep Jain (former CPO, Uber), and Chad West (former Head of Marketing, Revolut). Headquartered in London, with offices in Dubai and Bengaluru, Aspora is positioning itself as the go-to platform for seamless financial services for the global Indian diaspora.
Time of India
15 hours ago
- Business
- Time of India
Fintech startup Aspora secures $53 million in Series B
Aspora , a fintech company committed to reimagining banking for immigrants, has announced the successful raise of $53 million in Series B funding , co-led by Sequoia and Greylock, with Quantum Light Ventures also contributing to the round. Existing investors include Hummingbird Ventures, Soma Capital, Global Founders Capital and Y Combinator. Previously, known as Vance, the company 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. This fundraise marks a major milestone in Aspora's mission to transform cross-border banking. Emphasising on the fundraise, Parth Garg, Founder and CEO, Aspora, said in a statement, '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.' Aspora was founded in 2022 by Parth Garg, who made the bold decision to drop out of Stanford University to build the company. Parth was born in India and spent his formative years in both India and Abu Dhabi. Drawing from personal experiences navigating financial systems across borders, Parth set out to address the unique challenges faced by global Indians. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Today, Aspora serves 250,000 users, helping them remit money to India with ease. The company's core user base is currently in the UAE. In the past six months alone, Aspora's transaction volume has surged from $400 million to over $2 billion. During the same period, users have collectively saved over $15 million in fees—savings that would have otherwise gone to traditional providers. Aspora guarantees users exchange rates identical to those displayed on Google and charges zero fees on transfers made from the UAE (fees do apply in other regions). The company currently operates in the UK, the UAE, and across the EU region. 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 is also building a suite of new products to help users bank seamlessly across multiple countries, invest in diverse asset classes, and access credit and insurance services across borders—further strengthening its vision to support the evolving financial needs of global announcement marks the culmination of three rounds of funding raised over the past six months to the tune of $93 million: Live Events Seed extension ($5M) - September 2024 led by Hummingbird Ventures (existing investors) Series A ($35M) - December 2024 led by Sequoia Capital with participation from Greylock Series B ($53M) - May 2025, co-led by Sequoia and Greylock with Quantum Light (Nik Storonsky's fund, CEO of Revolut) participating Aspora is also backed by notable angels including Balaji Srinivasan, Former CTO, Coinbase; Sundeep Jain, Former CPO, Uber; Prasanna Sankar, Co-Founder, Rippling; and Chad West, Former Global Head of Marketing and Communications, Revolut. The company is headquartered in London with offices in Dubai and Bengaluru. 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.'
Time of India
20 hours ago
- Business
- Time of India
Cross-border digital payments startup Aspora raises $93 million from Sequoia Capital, Greylock and others
Y Combinator-backed cross-border payments startup Aspora has raised $93 million over three equity funding rounds between September 2024 and May 2025, giving it a $500-million valuation, according to its founder, Parth Garg. The London-headquartered startup, which offers remittance services to immigrant diaspora, raised the funds over three rounds in the last eight months. Its first institutional funding of $5.8 million from Hummingbird Ventures had come in 2022. Garg told ET that the startup raised $5 million in an extension of the first round in September 2024, after which came a $35-million infusion led by US-based venture firm Sequoia Capital along with participation from US-based Greylock Partners. Last month, Aspora secured another $53 million in financing, led by Sequoia Capital and Greylock Partners, with participation from London-based venture fund Quantum Light. Angel investors Balaji Srinivasan, ex-CTO of Coinbase, Sundeep Jain, previously the CPO of Uber, and Prasanna Sankar, cofounder of Rippling, were among the other participants in the round. Overall, the startup has raised more than $98 million since inception. 'Aspora's current valuation is $500 million,' Garg said from London. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Garg had started the business in Bengaluru, but earlier this year shifted base to London, which he said made it easier for him to coordinate global operations of the brand. For the California-headquartered venture firm Sequoia Capital, this is the first major investment in an Indian-origin startup offering services to Indian consumers. In the middle of 2023, Sequoia Capital had separated from its units in China and India and Southeast Asia. While the Chinese unit was renamed HongShan, the India entity was rebranded into Peak XV Partners . Peak XV Partners has set up a team in the US to scout for early investment opportunities in that part of the world. ET had reported in April that Peak XV Partners is looking to raise $1.2 billion for its first independent fund after the spinoff from Sequoia Capital. Aspora was previously known as Vance, but the company had to overhaul the brand's identity after JD Vance became the US vice president. Garg said all his brand promotions and online marketing efforts were getting branded as political advertisements because of the similarity in names. The company has around 250,000 users who use the platform to remit money back to India. The startup offers services to consumers in the UK, European Union region and the UAE. 'We are launching in the US in July, and Canada, Australia and Singapore by the end of the year,' he said. While headquartered in London Aspora has around 30 out of its 50 people in Bengaluru and the remaining mostly in the UK and the UAE. 'People use our platform to send money home to their parents, for investments to buy property or invest in alternative assets, we target communities and social groups of Indians in these countries to popularise our product,' Garg said. Aspora gets around 55% of its customers via referrals and around 20% from performance marketing channels. The startup has kept its customer acquisition costs at a fraction of competition, mainly by leveraging local Indian communities which are socially very active in these countries. Aspora competes with the companies such as Remitly and Wize and is disrupting the business which used to be dominated by banks and the likes of Western Union.
Yahoo
20 hours ago
- Business
- Yahoo
Aspora gets $50M from Sequioa to build remittance and banking solutions for Indian diaspora
India has been one of the top recipients of remittances in the world for more than a decade. Inward remittances jumped from $55.6 billion in 2010-11 to $118.7 billion in 2023-24, according to data from the country's central bank. The bank projects that figure will reach $160 billion in 2029. This means there is an increasing market for digitalized banking experiences for non-resident Indians(NRIs), ranging from remittances to investing in different assets back home. Aspora (formerly Vance) is trying to build a verticalized financial experience for the Indian diaspora by keeping convenience at the center. While a lot of financial products are in its future roadmap, the company currently focuses largely on remittances. 'While multiple financial products for non-resident Indians exist, they don't know about them because there is no digital journey for them. They possibly use the same banking app as residents, which makes it harder for them to discover products catered towards them,' Garg said. In the last year, the company has grown the volume of remittances by 6x — from $400 million to $2 billion in yearly volume processed. With this growth, the company has attracted a lot of investor interest. It raised $35 million in Series A funding last December — which was previously unreported — led by Sequoia with participation from Greylock, Y Combinator, Hummingbird Ventures, and Global Founders Capital. The round pegged the company's valuation at $150 million. In the four months following, the company tripled its transaction volume, prompting investors to put in more money. The company announced today it has raised $50 million in Series B funding, co-led by Sequoia and Greylock, with Hummingbird, Quantum Light Ventures, and Y Combinator also contributing to the round. The startup said this round values the company at $500 million. The startup has raised over $99 million in funding to date. After pivoting from being for India, the company started by offering remittance for NRIs in the U.K. in 2023 and has expanded its presence in other markets, including Europe and the United Arab Emirates. It charges a flat fee for money transfer and offers a competitive rate. Now it also allows customers to invest in mutual funds in India. The startup markets its exchange rates as 'Google rate' as customers often search for currency conversion rates, even though they may not reflect live rates. The startup is also set to launch in the U.S., one of the biggest remittance corridors to India, next month. Plus, it plans to open up shop in Canada, Singapore, and Australia by the fourth quarter of this year. Garg, who grew up in the UAE, said that remittances are just the start, and the company wants to build out more financial tools for NRIs. 'We want to use remittances as a wedge and build all the financial solutions that the diaspora needs, including banking, investing, insurance, lending in the home country, and products that help them take care of their parents,' he told TechCrunch. He added that a large chunk of money that NRIs send home is for wealth creation rather than family sustenance. The startup said that 80% of its users are sending money to their own accounts back home. In the next few months, the company is launching a few products to offer more services. This month, it plans to launch a bill payment platform to let users pay for services like rent and utilities. Next month, it plans to launch fixed deposit accounts for non-resident Indians that allow them to park money in foreign currency. By the end of the year, it plans to launch a full-stack banking account for NRIs that typically takes days for users to open. While these accounts can help the diaspora maintain their tax status in India, a lot of people use a family member's account because of the cumbersome process, and Aspora wants to simplify this. Apart from banking, the company also plans to launch a product that would help NRIs take care of their parents back home by offering regular medical checkups, emergency care coverage, and concierge services for other assistance. Besides global competitors like Remittly and Wise, the company also has India-based rivals like Abound, which was spun off from Times Internet. Sequoia's Luciana Lixandru is confident that Aspora's execution speed and verticalized solution will give it an edge. 'Speed of execution, for me, is one of the main indicators in the early days of the future success of a company,' she told TechCrunch over a call. 'Aspora moves fast, but it is also very deliberate in building corridor by corridor, which is very important in financial services.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
