Fintech Aspora Raises $53 Million to Expand Cross-Border Banking for Global Indians

By Editorial Team

Bengaluru-based fintech startup Aspora, previously known as Vance, has secured $53 million in funding co-led by Sequoia and Greylock, with Quantum Light Ventures also participating. The company, headquartered in London, focuses on providing banking services for immigrant communities and is targeting the global Indian diaspora as its primary customer base.

Founded by Parth Garg in 2022 after dropping out of Stanford University, Aspora aims to develop cross-border financial products for non-resident Indians (NRIs) and other diaspora segments. This recent funding round follows previous investments of $35 million and a $5 million seed extension last year, bringing the total raised in the past six months to $93 million.

Aspora currently serves 250,000 users, with a significant user base in the UAE. The company has seen substantial growth, with transaction volumes increasing from $400 million to over $2 billion in the past six months. Users have saved more than $15 million in fees compared to traditional providers.

Aspora offers zero-fee remittance transfers from the UAE and provides exchange rates aligned with market benchmarks displayed on Google. While fees may apply in other markets, the company operates in the UK, EU, and UAE, with plans to expand to the United States in July 2025, followed by Canada, Australia, and Singapore by year-end.

Aside from institutional investors, Aspora has received backing from individual investors such as Balaji Srinivasan (former CTO, Coinbase), Sundeep Jain (former CPO, Uber), Prasanna Sankar (co-founder, Rippling), and Chad West (former global marketing head, Revolut).