A fintech company called Aspora, which caters to the Indian diaspora, has secured $50 million in Series B funding. In order to make it easier for Non-Resident Indians (NRIs) to send, invest, and manage money internationally, the company is developing a cutting-edge banking and remittance platform.
Aspora is well-positioned to become a worldwide financial partner for millions of non-resident Indians (NRIs) with the support of Sequoia Capital, Greylock, Y Combinator, and other institutions.
India’s Remittance Market Is Booming
The country that receives the most remittances worldwide is India. The Reserve Bank of India reports that inward remittances increased from $55.6 billion in 2010–11 to $118.7 billion in 2023–24.
And that number is projected to hit $160 billion by 2029.
Better financial tools for NRIs, who frequently require specialised solutions for sending money, investing, or even taking care of family in India, are reflected in this constant increase, which represents a significant opportunity.
A Novel Financial Adventure: From Vance to Aspora
Formerly known as Vance, Aspora was founded to address a major issue facing NRIs: the dearth of individualised financial services.
“There are many financial products for NRIs, but people don’t know about them,” said Aspora CEO Garg. “Most are using apps made for residents, which makes discovery hard.”
Aspora flips the script by designing a verticalized experience, made specifically for NRIs from the ground up.
Remittances First — Now Scaling Fast
Aspora launched its remittance service in the U.K. in 2023. Since then, it has expanded to Europe and the UAE.
The company’s simple model charges a flat fee and uses what it calls the “Google rate” for conversions. This rate closely matches what users see when they search exchange rates online.
In just one year, the company grew its remittance volume from $400 million to $2 billion annually—a 6x increase.
Big-Name Backers and Strong Valuation Growth
Aspora quietly raised $35 million in Series A funding late last year, bringing in major investors:
- Sequoia
- Greylock
- Y Combinator
- Hummingbird Ventures
- Global Founders Capital
Now, with the $50 million Series B round, Aspora is valued at $500 million — up from $150 million just months ago.
Quantum Light Ventures joined as a new investor in this round, alongside continued support from previous backers.
Expanding Globally: U.S., Canada, Singapore & More
Aspora is preparing for a U.S. launch next month, targeting one of the largest NRI remittance corridors in the world.
Then, by the end of 2025, it plans to expand into:
- Canada
- Singapore
- Australia
This corridor-by-corridor approach has earned praise from investors.
“Aspora moves fast, but with careful execution,” said Luciana Lixandru of Sequoia. “That’s critical in financial services.”
Beyond Transfers: Building a Full NRI Financial Stack
Remittances are just the first step. Aspora plans to launch a full suite of financial services, including:
New Features Coming Soon
- Bill payment platform (launching this month)
Pay for rent, utilities, and services back in India directly. - Fixed deposit accounts (next month)
Let NRIs park foreign currency in Indian accounts with high returns. - Full-stack banking account (by year-end)
Simplify account opening for NRIs, which is currently slow and paperwork-heavy.
Supporting Parents and Families in India
Aspora is also thinking beyond money.
It’s developing tools to help NRIs care for their parents, such as:
- Medical checkups and emergency care coverage
- Concierge services for everyday assistance
These features address a huge emotional and practical need within the NRI community.
Competing in a Crowded Market
Aspora competes with global players like:
- Remitly
- Wise
And Indian startups like:
- Abound (spun off from Times Internet)
However, Aspora’s edge lies in building an all-in-one platform for NRIs. Most competitors focus only on remittance or investment.
Aspora’s goal is to bring banking, insurance, investing, lending, and family care under one roof.
Key Takeaways
- Aspora raised $50 million Series B, bringing total funding to $99 million.
- Backed by Sequoia, Greylock, and Y Combinator.
- Serving NRIs with fast, affordable remittance and financial tools.
- Grew remittance volume from $400M to $2B in one year.
- Launching in the U.S. next month, with Canada, Singapore, and Australia on the way.
- Expanding services to include bill pay, fixed deposits, banking, and elderly care.
- Competing with Remitly, Wise, and Abound — but aiming to become the NRI’s go-to financial hub.
The ambitious goal of Aspora is to transform the way the Indian diaspora handles finances, investments, and family care through a single app. And it’s on its way thanks to its excellent execution and substantial funding.