Aspora, a cross-border payments startup that provides remittance services and other products for non-resident Indians, said Monday it has closed its Series B funding round co-led by venture capital firms Sequoia Capital and Greylock Partners.
The company raised $53 million (Rs 456 crore) in the round, it said in a statement. Quantum Light Ventures also contributed to the round, the startup said.
The new round takes Aspora’s total equity fundraise across seed, Series A and Series B funding across the last 10 months to about $93 million.
“This funding allows us to expand faster into new markets, develop innovative products that serve our community's evolving needs, and continue building the financial infrastructure that diaspora communities deserve,” Aspora said.
The company said that, beyond remittances, it is building a financial ecosystem for diaspora communities. “Our users will soon be able to bank seamlessly across multiple countries, invest in diverse asset classes, and access credit and insurance products designed for their cross-border lives,” it said.
The company, which has now moved its headquarters to London with a physical presence in Bengaluru, also counts Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator among its investors. Its angel investors include Balaji Srinivasan, former CTO of Coinbase; Sundeep Jain; former CPO of Uber; Prasanna Sankar, co-founder of Rippling; and Chad West, former CMO at Revolut.
Founded in 2021 by Stanford dropout Parth Garg, the company started as a recurring revenue-based financing platform and later pivoted to a cross-border neobanking platform.
Aspora, previously known as Vance, was part of YCombinator’s Winter 2022 batch. It raised $5.8 million (Rs 46.8 crore ) in a seed funding round led by Hummingbird Ventures in October 2022. More recently, the startup raised $5 million in September 2024, followed by a $35-million Series A round in December 2024 led by Sequoia.
The latest round valued Aspora at about $500 million, according to media reports.
Garg did not immediately respond to VCCircle's emailed queries.
“Aspora is bringing diaspora banking into the modern age, enabling many millions to participate in the growth stories of their home countries,” said Luciana Lixandru, partner at Sequoia Capital. “ We were proud to be among Aspora's first believers by leading their Series A late last year. We're excited to double down and co-lead their Series B as they scale and expand into the US, Canada and Europe.”
Aspora claims to have helped over 250,000 non-resident Indians send money, having processed over $2 billion in volume. “We are already serving users across the UK, UAE and EU. But this is just the beginning. We will launch in the United States this July followed by Canada, Australia and Singapore before the end of the year,” Aspora said.
