Aspora: Bridging Financial Gaps for the Indian Diaspora
June 17, 2025, 9:44 pm
Location: United States, California, Mountain View
Employees: 51-200
Founded date: 2005
Location: United States, California, Menlo Park
Employees: 51-200
Founded date: 1972
Hummingbird Ventures
Employees: 11-50
In a world where borders blur and people move, financial services often lag behind. Enter Aspora, a fintech startup that aims to change the game for non-resident Indians (NRIs). With a fresh infusion of $53 million in Series B funding, Aspora is set to expand its reach and redefine how the Indian diaspora manages their finances.
Founded in 2021 by Parth Garg, a Stanford dropout, Aspora started as a recurring revenue-based financing platform. But like a river carving a new path, it pivoted to become a cross-border neobanking platform. This shift reflects a keen understanding of the needs of a global audience. Aspora’s mission is clear: to create a seamless financial ecosystem for NRIs.
The latest funding round was co-led by Sequoia Capital and Greylock Partners, two heavyweights in the venture capital arena. With this capital, Aspora has raised a total of $93 million in just ten months. This rapid growth signals a strong belief in the startup's vision. The company aims to serve the financial needs of a community that has long been overlooked by traditional banking systems.
Aspora’s services go beyond mere remittances. It’s building a comprehensive financial infrastructure for diaspora communities. Imagine a world where users can bank across multiple countries, invest in diverse asset classes, and access tailored credit and insurance products. This is the future Aspora envisions.
Currently headquartered in London, with a presence in Bengaluru, Aspora has already made significant strides. It claims to have helped over 250,000 NRIs send money, processing more than $2 billion in transactions. The company’s fee-free remittance service from the UAE to India is a standout feature. It offers exchange rates pegged to those displayed on Google, saving customers an estimated $15 million in fees compared to traditional services.
The startup is gearing up for a major launch in the United States this July, followed by expansions into Canada, Australia, and Singapore. This ambitious plan is not just about geographical growth; it’s about tapping into high-density diaspora corridors. The Indian diaspora is vast, and Aspora aims to capture a significant share of this market.
Aspora’s competition is fierce. It faces off against global fintech giants like Wise and Revolut, known for their transparent pricing and low fees. Additionally, US-based players such as Remitly and WorldRemit are strong contenders in the remittance space. Aspora must navigate this crowded landscape with agility and innovation.
What sets Aspora apart is its focus on the unique needs of immigrants. Traditional banks often fail to cater to the complexities of cross-border financial management. Aspora’s platform is designed to address these challenges head-on. It’s not just about sending money home; it’s about creating a financial identity that transcends borders.
The startup’s recent rebranding from “Vance” to Aspora reflects its commitment to this mission. The name change symbolizes a new chapter, one that aligns with its vision of modern diaspora banking. The company is not just another fintech; it’s a lifeline for millions navigating the complexities of international finance.
Investors are taking notice. Aspora’s captable includes notable names like Balaji Srinivasan, former CTO of Coinbase, and Sundeep Jain, former CPO of Uber. Their backing lends credibility to Aspora’s ambitious plans. Luciana Lixandru from Sequoia Capital emphasizes the importance of unlocking financial participation for millions living across borders. This sentiment resonates deeply with Aspora’s mission.
As the company prepares for its US launch, it’s clear that Aspora is not just building a product; it’s fostering a community. The Indian diaspora is a vibrant tapestry of cultures and experiences. Aspora aims to weave these threads into a cohesive financial narrative.
The startup’s growth trajectory is impressive, but challenges lie ahead. Aspora must continuously innovate to stay ahead of competitors. The fintech landscape is ever-evolving, and customer expectations are high. Aspora’s ability to adapt will be crucial in maintaining its momentum.
In conclusion, Aspora is more than a fintech startup; it’s a beacon of hope for the Indian diaspora. With its recent funding and ambitious expansion plans, it stands poised to revolutionize how NRIs manage their finances. As it navigates the complexities of cross-border banking, Aspora is not just building a platform; it’s creating a bridge for millions. A bridge that connects lives, cultures, and financial futures. The journey has just begun, and the possibilities are endless.
Founded in 2021 by Parth Garg, a Stanford dropout, Aspora started as a recurring revenue-based financing platform. But like a river carving a new path, it pivoted to become a cross-border neobanking platform. This shift reflects a keen understanding of the needs of a global audience. Aspora’s mission is clear: to create a seamless financial ecosystem for NRIs.
The latest funding round was co-led by Sequoia Capital and Greylock Partners, two heavyweights in the venture capital arena. With this capital, Aspora has raised a total of $93 million in just ten months. This rapid growth signals a strong belief in the startup's vision. The company aims to serve the financial needs of a community that has long been overlooked by traditional banking systems.
Aspora’s services go beyond mere remittances. It’s building a comprehensive financial infrastructure for diaspora communities. Imagine a world where users can bank across multiple countries, invest in diverse asset classes, and access tailored credit and insurance products. This is the future Aspora envisions.
Currently headquartered in London, with a presence in Bengaluru, Aspora has already made significant strides. It claims to have helped over 250,000 NRIs send money, processing more than $2 billion in transactions. The company’s fee-free remittance service from the UAE to India is a standout feature. It offers exchange rates pegged to those displayed on Google, saving customers an estimated $15 million in fees compared to traditional services.
The startup is gearing up for a major launch in the United States this July, followed by expansions into Canada, Australia, and Singapore. This ambitious plan is not just about geographical growth; it’s about tapping into high-density diaspora corridors. The Indian diaspora is vast, and Aspora aims to capture a significant share of this market.
Aspora’s competition is fierce. It faces off against global fintech giants like Wise and Revolut, known for their transparent pricing and low fees. Additionally, US-based players such as Remitly and WorldRemit are strong contenders in the remittance space. Aspora must navigate this crowded landscape with agility and innovation.
What sets Aspora apart is its focus on the unique needs of immigrants. Traditional banks often fail to cater to the complexities of cross-border financial management. Aspora’s platform is designed to address these challenges head-on. It’s not just about sending money home; it’s about creating a financial identity that transcends borders.
The startup’s recent rebranding from “Vance” to Aspora reflects its commitment to this mission. The name change symbolizes a new chapter, one that aligns with its vision of modern diaspora banking. The company is not just another fintech; it’s a lifeline for millions navigating the complexities of international finance.
Investors are taking notice. Aspora’s captable includes notable names like Balaji Srinivasan, former CTO of Coinbase, and Sundeep Jain, former CPO of Uber. Their backing lends credibility to Aspora’s ambitious plans. Luciana Lixandru from Sequoia Capital emphasizes the importance of unlocking financial participation for millions living across borders. This sentiment resonates deeply with Aspora’s mission.
As the company prepares for its US launch, it’s clear that Aspora is not just building a product; it’s fostering a community. The Indian diaspora is a vibrant tapestry of cultures and experiences. Aspora aims to weave these threads into a cohesive financial narrative.
The startup’s growth trajectory is impressive, but challenges lie ahead. Aspora must continuously innovate to stay ahead of competitors. The fintech landscape is ever-evolving, and customer expectations are high. Aspora’s ability to adapt will be crucial in maintaining its momentum.
In conclusion, Aspora is more than a fintech startup; it’s a beacon of hope for the Indian diaspora. With its recent funding and ambitious expansion plans, it stands poised to revolutionize how NRIs manage their finances. As it navigates the complexities of cross-border banking, Aspora is not just building a platform; it’s creating a bridge for millions. A bridge that connects lives, cultures, and financial futures. The journey has just begun, and the possibilities are endless.