Global fintech startup Aspora, formerly known as Vance, has raised $50 million in a Series B funding round. The round was co-led by Sequoia Capital and Greylock, marking Sequoia’s first India-origin investment since its 2023 rebranding.
Other investors participating in the round include Hummingbird Ventures, Quantum Light Ventures, and Y Combinator. With this new round, Aspora has now raised a total of $99 million and is valued at $500 million, according to the company.
Sequoia Returns To India-Origin Deals Through Aspora
The latest investment is significant for Sequoia Capital, which restructured in June 2023, splitting its operations. In India and Southeast Asia, the firm operates under the name Peak XV Partners. However, this investment in Aspora comes via Sequoia’s US-based entity.
Sequoia has been relatively quiet in terms of India-origin investments post-restructure. Backing Aspora signals a return to the segment with a focus on high-growth, global-first fintech solutions.
Aspora: From Vance To Cross-Border Fintech Leader
Founded in 2022 by Parth Garg, Aspora focuses on cross-border remittances, especially for non-resident Indians (NRIs). The startup was part of Y Combinator’s Winter 2022 batch and began as Vance before a rebranding initiative aimed at aligning with its global ambitions.
Aspora enables seamless money transfers from five major countries, including the UK, UAE, and Germany, to India. Its biggest USP is offering Google exchange rates, which reduces hidden forex charges for users.
The company claims it has processed over $2 billion in transactions, saving users more than INR 150 Cr ($17.5 million) in fees.
Aspora is regulated by the UK’s Financial Conduct Authority (FCA) and collaborates with banks licensed by the Reserve Bank of India (RBI). This ensures secure and compliant international fund transfers.
How Aspora Plans To Use The Capital
With the fresh infusion of capital, Aspora plans to:
Expand operations into new geographies
Enhance product offerings for international users
Strengthen compliance and financial infrastructure
Invest in technology and talent acquisition
The startup also aims to accelerate its mission of creating a frictionless and affordable remittance experience for millions of NRIs globally.
Investor Confidence Signals A Fintech Comeback
Investor interest in Aspora underlines growing confidence in India-origin cross-border fintech ventures. Startups like Aspora are tapping into an enormous market that includes millions of Indian diaspora members looking for better, cheaper remittance options.
Backers such as Y Combinator, Sequoia, and Greylock bring not just capital but significant expertise in scaling global fintech models.
What’s Next For Aspora?
As cross-border transactions continue to grow post-pandemic, Aspora is well-positioned to be a leader in this domain. With a robust tech stack, transparent pricing, and a global regulatory footprint, it is poised to expand rapidly.
Aspora is now eyeing new corridors and deeper integrations with banking and compliance partners to unlock the next phase of growth.
