• Aspora has raised $53 million in a Series B round led by Sequoia Capital and Greylock, bringing total funding to $93 million.
  • The fintech serves over 250,000 users, mainly in the UAE, and has processed $2 billion in transactions in six months, saving customers $15 million in fees.

London-based fintech Aspora has closed a $53 million Series B funding round co-led by Sequoia Capital and Greylock, marking a major milestone in its bid to serve the banking needs of non-resident Indians (NRIs) worldwide.

The fresh capital will support Aspora’s expansion into key markets, including the United States, Canada, Australia, and Singapore.

Tailored Financial Services for the Indian Diaspora

Founded in 2022 by Stanford dropout Parth Garg, Aspora is building a cross-border financial platform for immigrants, beginning with the Indian diaspora.

The platform currently serves over 250,000 users, primarily in the UAE, offering fee-free remittances and other financial tools.

Aspora claims to have processed over $2 billion in transactions over the past six months, helping customers save around $15 million in fees when compared with traditional remittance services.

Its remittances are pegged to Google’s exchange rates, offering more transparency and value.

Backed by Global Investors

This latest round brings Aspora’s total funding to $93 million, following a $35 million Series A in December 2024 and a $5 million seed extension in September 2024.

New investor Quantum Light Ventures, backed by Revolut CEO Nik Storonsky, joined the round alongside returning backers Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator.

Angel investors include notable names such as former Coinbase CTO Balaji Srinivasan and ex-Uber chief product officer Sundeep Jain.

Aspora is set to launch in the US in July as part of a broader push to target high-density diaspora corridors.

The company also plans to expand its suite of services to include banking, investing, credit, and insurance products designed for immigrants managing finances across borders.

Previously known as Vance, Aspora has offices in London, Dubai, and Bengaluru.

Edited by Annette George