India has maintained its position as one of the world’s leading recipients of remittances for over a decade, witnessing substantial growth from $55.6 billion in 2010-11 to $118.7 billion in 2023-24, according to the country’s central bank. The Reserve Bank of India estimates that these inflows will climb to approximately $160 billion by 2029, indicating a significant demand for tailored digital banking experiences by the sizable Non-Resident Indian (NRI) community.
Aspora, a fintech startup formerly known as Vance, aims to capitalize on this growing market by offering comprehensive, specialized financial tools for the global Indian diaspora. Initially focusing heavily on remittance services, the company has positioned itself apart by creating seamless digital experiences specifically crafted for NRIs, who are often unaware of products available due to the general nature of banking apps they commonly use.
Over the past year, Aspora has gained impressive momentum, increasing its remittance processing volume sixfold—from $400 million annually to approximately $2 billion. Investors have quickly taken notice. Last December, the startup quietly secured a $35 million Series A round led by Sequoia, with additional backing from prominent firms such as Greylock, Y Combinator, Hummingbird Ventures, and Global Founders Capital. This initial funding round valued Aspora at around $150 million.
Following rapid growth in transactions, Aspora has now announced the completion of its Series B round, securing an additional $50 million co-led by Sequoia and Greylock, joined by Y Combinator, Quantum Light Ventures, and Hummingbird Ventures. The fresh capital infusion brings its valuation to $500 million, raising the total funding the startup has amassed to date to over $99 million.
Aspora first launched its remittance services targeting NRIs in the UK in 2023 and has since expanded into markets across Europe and the United Arab Emirates. The company charges customers a flat fee for international transfers while providing competitive exchange rates, referred to internally as “Google rates,” reflecting common consumer search habits rather than exact live figures. Additionally, Aspora recently rolled out offerings to help NRIs invest in mutual funds back home.
The startup is now preparing to introduce its services in the U.S. market—the largest remittance corridor to India—in the coming month, followed later this year by expansions into markets including Canada, Singapore, and Australia.
Ashish Garg, Aspora’s founder and CEO, who himself grew up in the UAE, emphasized that remittance services are merely a gateway into a broader spectrum of financial products the company plans to deliver. He noted that most transfers by NRIs today support wealth accumulation and investment rather than basic family maintenance. Indeed, about 80% of Aspora’s customers send money directly to their own Indian accounts.
To address the comprehensive financial needs of the Indian diaspora, the startup will roll out several new features in the coming months, including a platform for paying bills such as rent and utilities in India, as well as fixed deposit accounts specifically suited for NRIs. Additionally, by year-end, Aspora aims to launch fully functional banking accounts catering to NRIs, significantly simplifying a typically complicated and lengthy application process.
Beyond traditional banking, the firm has ambitions to offer specialized financial products focused on caring for family members back home, including medical check-ups, emergency healthcare coverage, and concierge-style assistance programs designed specifically to support aging parents.
Aspora faces competition globally from established international fintech operations like Wise and Remittly, as well as India-focused startups like Abound, recently spun off from Times Internet. Nonetheless, Sequoia investor Luciana Lixandru remains confident that Aspora’s targeted, rapid execution and deep commitment to addressing specific diaspora needs give it a critical edge. She underlined the startup’s disciplined, systematic approach to tackling each market corridor, an essential strategy within the highly competitive financial services sector.
