Fintech startup backed by Sequoia and Greylock aims to serve NRIs with seamless, low-cost international financial services
Aspora, a London-headquartered fintech company previously known as Vance, has raised $53 million in fresh funding to strengthen its cross-border banking services for the global Indian diaspora.
The funding round was co-led by Sequoia and Greylock, with participation from Quantum Light Ventures, bringing Aspora’s total fundraising over the last six months to $93 million, reported timesofindia.indiatimes.com.
Founded in 2022 by Parth Garg, a Stanford dropout, Aspora is creating digital banking solutions tailored for non-resident Indians (NRIs) and other immigrant communities.
The company currently serves over 250,000 users, predominantly based in the UAE, and is rapidly scaling its operations across international markets.
Aspora has seen explosive growth in transaction volume—jumping from $400 million to $2 billion within six months—while saving its users more than $15 million in transfer fees compared to traditional remittance services. One of its key offerings includes zero-fee remittances from the UAE with exchange rates that match Google benchmarks.
Aspora secures $53M to expand cross-border banking for NRIs, eyes US launch in July 2025
Currently operating across the UK, EU, and UAE, Aspora is planning to launch services in the United States in July 2025, followed by entries into Canada, Australia, and Singapore by the end of the year.
In addition to top-tier institutional backers, the company is supported by a host of high-profile individual investors including Balaji Srinivasan (former CTO, Coinbase), Sundeep Jain (former CPO, Uber), Prasanna Sankar (co-founder, Rippling), and Chad West (former global marketing head, Revolut).
Aspora’s mission is clear: to revolutionize the way global Indians and other diaspora communities manage and move their money internationally—efficiently, transparently, and affordably.
