India’s position as a global remittance leader is growing stronger, with inflows rising from $55.6 billion in 2010–11 to $118.7 billion in 2023–24, according to the Reserve Bank of India. With projections placing remittances at $160 billion by 2029, the demand for seamless, digital financial services for non-resident Indians (NRIs) is rapidly accelerating. Enter Aspora—formerly known as Vance—a fintech startup aiming to reshape the financial landscape for the Indian diaspora.
Aspora is building a verticalized, end-to-end financial platform tailored to NRIs, with remittances as the cornerstone of its strategy. The startup has grown its remittance volume from $400 million to $2 billion annually over the past year, a 6x increase that has drawn strong investor interest.
After closing a previously unreported $35 million Series A round last December led by Sequoia with participation from Greylock, Y Combinator, and others, Aspora has now raised $50 million in Series B funding. The round, co-led by Sequoia and Greylock, values the startup at $500 million. With this latest investment, the company has secured over $99 million in total funding.
Founded to solve the pain points NRIs face with conventional banking apps—typically designed for domestic users—Aspora focuses on creating intuitive, accessible products that cater specifically to the diaspora’s financial needs. “They don’t know about the products because there is no digital journey for them,” said co-founder and CEO Garg. “They use the same app as residents, which makes discovery harder.”
Aspora began its remittance services in the U.K. in 2023, followed by expansion into Europe and the UAE. It charges a flat fee and offers what it calls a “Google rate”—a simplified currency exchange benchmark widely recognized by users. The startup has since added mutual fund investment options in India and is set to launch in the U.S.—one of the largest remittance corridors—in July. Markets in Canada, Singapore, and Australia are also on the roadmap for later this year.
Aspora isn’t stopping at remittances. The company plans to roll out a full-stack NRI bank account by year’s end, aiming to simplify a process that currently takes days and often deters users from opening their own accounts. In July, it will launch fixed deposit accounts in foreign currency, following a June release of a bill payment platform for rent and utilities. Additionally, Aspora is developing a parental care service to support aging family members in India, offering medical checkups, emergency services, and concierge assistance.
While global players like Remitly and Wise dominate the cross-border payments space, and domestic rival Abound (a Times Internet spin-off) competes locally, Aspora is betting on its focused, corridor-by-corridor strategy to stand out.
“Speed of execution, for me, is one of the main indicators in the early days of the future success of a company,” said Sequoia’s Luciana Lixandru. “Aspora moves fast, but it is also very deliberate in building corridor by corridor, which is very important in financial services.”
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As India’s diaspora continues to grow and remit more funds home, Aspora is positioning itself as the digital bank of choice for a new generation of global Indians.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
