London-based fintech startup Aspora (formerly Vance) has closed a $53 million funding round co‑led by Sequoia and Greylock, with contributions from Quantum Light Ventures. The raise brings total capital to $93 million in just six months—an indicator of strong investor confidence timesofindia.indiatimes.com.
Founded in 2022 by Stanford dropout Parth Garg, Aspora enables seamless cross‑border financial services tailored to Non-Resident Indians (NRIs). The platform offers zero-fee remittances from the UAE, market‑rate currency conversion, borderless banking, and fee-free multi-currency accounts—targeted at Indian expats and diaspora communities timesofindia.indiatimes.com.
Aspora currently serves around 250,000 users, with transaction volumes skyrocketing from $400 million to over $2 billion in just half a year. Users have collectively saved more than $15 million in fees compared to traditional remittance channels timesofindia.indiatimes.com. The freshly raised funds will fuel expansion into the U.S. (targeting a July 2025 launch), as well as Canada, Australia, and Singapore by year-end timesofindia.indiatimes.com.
Highlighting its ambition, Aspora’s Series A is backed by influential fintech figures—including Balaji Srinivasan and prior executives from Coinbase, Uber, and Revolut timesofindia.indiatimes.com.
📌 Why It Matters:
- Demonstrates investor appetite in diaspora-focused cross-border fintech
- Highlights rapid user growth and cost-savings for remittance markets
- Signals Aspora’s emerging role in global financial inclusion ahead of U.S. launch
