Aspora, a cross-border fintech company, has raised $53 million in its Series B funding round co-led by Sequoia Capital and Greylock Partners.
The round also saw participation from Quantum Light Ventures ((Nik Storonsky’s fund, CEO of Revolut) along with existing investors including Hummingbird Ventures, Soma Capital, Global Founders Capital and Y Combinator.
The round 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.
With this round, Aspora has raised $99 million in total funding to date. Aspora raised $6 million in an extended seed round led by Hummingbird Ventures in September 2024 and $35 million in Series A funding led by Sequoia Capital with participation from Greylock.
Founded in 2022 by Parth Garg, Aspora (Previously Vance) builds financial solutions tailored for global diasporas—starting with non-resident Indians (NRIs).
Aspora is a global fintech firm focused on cross-border money transfers for non-resident Indians (NRIs). Aspora claims to guarantee 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).
Currently, Aspora serves 250,000 users, helping them remit money to India with ease. The company currently operates in the UK, the UAE, and across the EU region. 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.
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 Indians.
Parth Garg, Founder and CEO, Aspora, said, “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.”
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.”
