Aspora Secures $50M to Revolutionize Financial Services for the Indian Diaspora

The global Indian diaspora has consistently been a powerhouse in cross-border remittances. According to India’s central bank, remittances sent home soared from $55.6 billion in 2010-11 to $118.7 billion in 2023-24, and are projected to reach $160 billion by 2029. These growing flows highlight both the emotional and economic bonds linking non-resident Indians (NRIs) to their homeland—and signal a substantial market for modern financial services uniquely tailored to their needs.

Transforming Remittances and Beyond

Aspora (formerly Vance) is setting out to transform financial experiences for the Indian diaspora, focusing on user convenience and digitization. While its current flagship offering is remittances, Aspora has a much broader vision: to become the go-to financial platform for NRIs, helping them manage money, invest, and care for families back home.

Many NRIs find that traditional banking tools, designed primarily for domestic users, do not meet their unique needs. "While multiple financial products for non-resident Indians exist, there is no digital journey facilitating discovery or use," explains Aspora's founder, Garg. As a result, NRIs often miss products specifically aimed at them, defaulting to the same apps as residents.

Rapid Growth and Strong Backing

In the last year, Aspora grew its remittance volume sixfold—from $400 million to $2 billion processed annually. This remarkable growth attracted investor attention. After a previously unreported $35 million Series A round (led by Sequoia with participation from Greylock, Y Combinator, Hummingbird Ventures, and Global Founders Capital) at a $150 million valuation, Aspora’s fundraising momentum continued.

The company has now announced a $50 million Series B funding round, co-led by Sequoia and Greylock and joined by Hummingbird, Quantum Light Ventures, and Y Combinator. With this round, Aspora’s valuation has reached $500 million and its total funding surpasses $99 million.

Expanding Global Reach and Product Offering

Aspora initially launched its remittance product for NRIs in the U.K. in 2023 and quickly branched out to Europe and the United Arab Emirates. The company charges a flat fee for money transfers and offers rates it calls “Google rates,” mirroring the exchange rates many customers look up online. More recently, Aspora introduced investments in Indian mutual funds, and will soon launch in the U.S.—the largest remittance corridor to India—followed by expansions into Canada, Singapore, and Australia.

Building the Full Financial Stack for NRIs

For Aspora, remittances are only the entry point. The team is building out an array of tools: upcoming launches include online bill payment, fixed deposit accounts for foreign currency (aimed at smoothing the cumbersome process for NRIs), and a robust full-stack banking account designed specifically for the diaspora. These products promise to simplify financial management, assist with wealth creation, and make it easier to maintain tax status in India. In addition, Aspora aims to help NRIs care for family back home through solutions for medical checkups, emergency care, and a range of support services.

Competitive Landscape

Aspora faces global competitors, such as Remitly and Wise, as well as Indian-focused rivals like Abound. What sets Aspora apart, according to Sequoia’s Luciana Lixandru, is their speed of execution and commitment to building tailored solutions for each corridor—critical factors in scaling fintech for diverse, regulated markets.

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Why it matters

This development demonstrates how verticalized, highly-targeted fintech platforms are redefining cross-border finance and digital banking for diaspora communities. For startups and founders, it signals a growing demand for niche, customer-centric solutions that address pain points left by legacy institutions—especially for global citizens with unique regulatory and lifestyle needs.

Risks & opportunities

Key risks include regulatory complexity when operating across multiple countries, and potential competition from both established financial incumbents and emerging digital entrants. However, opportunities abound: platforms like Aspora can win user loyalty by integrating remittance, investing, and family support services, creating a stickier and more valuable financial ecosystem. Historically, companies like Revolut and Wise followed similar playbooks to disrupt traditional banking, but focused on the broader market rather than a specific diaspora segment.

Startup idea or application

Inspired by Aspora’s approach, a forward-thinking startup could develop a platform that combines cross-border payments with social support services. For instance, a service enabling users to manage remittances, coordinate international tax planning, invest in home-country assets, and organize care for aging relatives—all within a single app—could prove highly attractive for global diaspora groups in other fast-growing regions (e.g., the African or Southeast Asian diasporas).

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