London : Aspora, a fintech company committed to reimagining banking for immigrants, has announced the successful raise of $53 million in Series B funding, co-led by Sequoia and Greylock, with Quantum Light Ventures also contributing to the round. Existing investors include Hummingbird Ventures, Soma Capital, Global Founders Capital and Y Combinator. Previously, known as Vance, the company is building financial solutions tailored for global diasporas—starting with non-resident Indians (NRIs), who represent just 1% of India’s population but contribute significantly to its economy. This fundraise marks a major milestone in Aspora’s mission to transform cross-border banking.
Emphasising on the fundraise, Parth Garg, Founder and CEO, Aspora, said, “The latest fundraise allows us to accelerate our mission of building a truly global financial ecosystem for diaspora communities. We’re just getting started—our users deserve modern financial infrastructure that works across borders.”
Aspora was founded in 2022 by Parth Garg, who made the bold decision to drop out of Stanford University to build the company. Parth was born in India and spent his formative years in both India and Abu Dhabi. Drawing from personal experiences navigating financial systems across borders, Parth set out to address the unique challenges faced by global Indians.
Today, Aspora serves 250,000 users, helping them remit money to India with ease. The company’s core user base is currently in the UAE. In the past six months alone, Aspora’s transaction volume has surged from $400 million to over $2 billion. During the same period, users have collectively saved over $15 million in fees—savings that would have otherwise gone to traditional providers. Aspora guarantees users exchange rates identical to those displayed on Google and charges zero fees on transfers made from the UAE (fees do apply in other regions).
The company currently operates in the UK, the UAE, and across the EU region. It is now preparing to launch in the United States this July, followed by planned expansions into Canada, Australia, and Singapore by the end of the year. Aspora is also building a suite of new products to help users bank seamlessly across multiple countries, invest in diverse asset classes, and access credit and insurance services across borders—further strengthening its vision to support the evolving financial needs of global Indians.This announcement marks the culmination of three rounds of funding raised over the past six months to the tune of $93 million:
○ Seed extension ($5M) – September 2024 led by Hummingbird Ventures (existing investors)
○ Series A ($35M) – December 2024 led by Sequoia Capital with participation from Greylock
○ Series B ($53M) – May 2025, co-led by Sequoia and Greylock with Quantum Light (Nik Storonsky’s fund, CEO of Revolut) participating
Aspora is also backed by notable angels including Balaji Srinivasan, Former CTO, Coinbase; Sundeep Jain, Former CPO, Uber; Prasanna Sankar, Co-Founder, Rippling; and Chad West, Former Global Head of Marketing and Communications, Revolut. The company is headquartered in London with offices in Dubai and Bengaluru.
Luciana Lixandru, Partner, Sequoia Capital, and a new member of Aspora’s board, said: “Aspora is bringing diaspora banking into the modern age, enabling many millions to participate in the growth stories of their home countries. This isn’t just about digital banking; it’s about the new opportunities Aspora can create for immigrants all over the world. We were proud to be among Aspora’s first believers by leading their Series A late last year and after seeing the team drive payment volume to $2B. We’re excited to double down and co-lead their Series B as they scale and expand into the US, Canada, and Europe.”
Aspora is set to redefine how immigrant communities manage and grow their money globally. As it expands into new markets and builds out a comprehensive cross-border financial platform, the company remains focused on one goal: empowering global Indians with seamless, transparent, and borderless banking. To learn more, read the official press release and Aspora’s blog post announcing the $53M fundraise.
