Aspora Raises $50M in Series B Funding to Expand Financial Solutions for Non-Resident Indians

Aspora, formerly known as Vance, is a startup focused on providing financial services for the Indian diaspora, particularly non-resident Indians (NRIs). The company has experienced significant growth, processing remittances worth $2 billion annually, and has recently raised $50 million in Series B funding. This funding round was co-led by Sequoia and Greylock, with participation from Hummingbird, Quantum Light Ventures, and Y Combinator. Aspora's valuation has now reached $500 million. The company plans to expand its presence in the U.S., Canada, Singapore, and Australia, in addition to launching new financial products and services.

Founder Parth Garg emphasized the company's goal to offer a comprehensive range of financial tools for NRIs, including banking, investing, insurance, lending, and products to support their families. Aspora aims to simplify the banking process for NRIs, as well as provide services for wealth creation and assistance in caring for their parents. Luciana Lixandru of Sequoia expressed confidence in Aspora's execution speed and verticalized solution, highlighting the company's deliberate approach in building financial corridors.

Aspora faces competition from global rivals like Remitly and Wise, as well as India-based competitors such as Abound. The startup is positioned to capitalize on the increasing market for digitalized banking experiences for NRIs, with plans to launch new products in the coming months. This includes a bill payment platform, fixed deposit accounts, and full-stack banking accounts tailored for NRIs.