Aspora, a fintech startup focused on building modern banking solutions for immigrant communities, has raised $53 million in a Series B funding round co-led by Sequoia Capital and Greylock. Quantum Light Ventures also joined the round, along with continued participation from existing backers Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator.
Founded in 2022 and formerly known as Vance, Aspora is reimagining cross-border banking, beginning with non-resident Indians (NRIs)&mdash;a small yet economically significant diaspora segment. The platform offers a range of financial services including remittances, investments, international banking, and access to credit and insurance products tailored for global diaspora users.
This latest round follows a $35 million Series A in December 2024 and a $5 million seed round in September 2024, bringing the total capital raised by Aspora to over $90 million.
Currently operational in the UK, UAE, and EU, Aspora plans to launch in the United States this July, with further expansion into Canada, Australia, and Singapore by the end of 2025. The company claims to offer zero-fee transfers in the UAE and real-time exchange rates matching Google&rsquo;s rates.
Parth Garg, Founder and CEO of Aspora, said:
&ldquo;The latest fundraise allows us to accelerate our mission of building a truly global financial ecosystem for diaspora communities. We&rsquo;re just getting started&mdash;our users deserve modern financial infrastructure that works across borders.&rdquo;
Aspora has already onboarded 250,000 users, with transaction volumes surging from $400 million to over $2 billion in the past six months.
The startup is also backed by prominent angel investors including Balaji Srinivasan (former CTO of Coinbase), Sundeep Jain (former CPO of Uber), Prasanna Sankar (Co-Founder, Rippling), and Chad West (former Head of Marketing, Revolut).
Luciana Lixandru, Partner at Sequoia Capital and newly appointed board member at Aspora, commented:
&ldquo;Aspora is bringing diaspora banking into the modern age, enabling many millions to participate in the growth stories of their home countries. This isn&rsquo;t just about digital banking; it&rsquo;s about unlocking new global opportunities for immigrants.&rdquo;
With strong investor backing and aggressive expansion plans, Aspora aims to become the go-to global financial platform for diaspora communities around the world.
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Source : Indian Startup News

Aspora, a fintech startup focused on building modern banking solutions for immigrant communities, has raised $53 million in a Series B funding round co-led by Sequoia Capital and Greylock

Fintech Startup Aspora Raises $53 Million in Series B to Expand Global Banking Solutions for Immigrants