Led by Sequoia, Aspora Bags $50M Funding to Digitise Remittance and Banking Solutions for Indian Diaspora

India, one of the world’s largest recipients of remittances for over a decade, is witnessing a new financial revolution. The country’s remittances soared from $55.6 billion in 2010-11 to $118.7 billion in 2023-24, per data from the central bank. Aspora, formerly known as Vance, has seized this opportunity, offering a tailored financial experience to the Indian diaspora. While financial products abound, they often lack visibility and accessibility to non-resident Indians, necessitating a more digitised and focused approach.

Aspora’s agenda is clear: build a suite of financial services with customer convenience and product accessibility at the core. Currently, it’s primarily focused on remittances, but the company has further plans on the horizon. Over the last year, Aspora magnified the volume of remittances by six-fold, jumping from $400 million to $2 billion in yearly processed volume. This surge in growth prompted an upsurge in investor interest leading to a significant stride in funding.

Aspora initially raised $35 million in a Series A funding in Dec. of last year with Sequoia leading the round. Other participants in this round were Greylock, Y Combinator, Hummingbird Ventures, and Global Founders Capital. This was followed by a further rise in Aspora’s valuation from $150 million to a staggering $500 million.

The snowballing interest from investors led to a follow-up $50 million Series B funding round that was co-led by Sequoia and Greylock. Hummingbird, Quantum Light Ventures, and Y Combinator also contributed to this round. To date, Aspora has raised over $99 million in funding, indicating confidence from investors in their business model and market fit.