Aspora, the fintech innovator transforming immigrant banking, has raised $53 million in a Series B funding round to expand its cross-border financial services for non-resident Indians (NRIs) and other global diasporas.

Aspora, formerly Vance, is a fintech platform that delivers banking solutions for immigrants designed for seamless cross-border access. The company empowers users to send money, invest, and bank across regions with ease, redefining how Non-Resident Indians (NRIs) engage with global financial systems.

The recent $53 million Series B round was co-led by Sequoia and Greylock, with Quantum Light Ventures joining in. Returning investors, including Hummingbird Ventures, Soma Capital, Y Combinator, and Global Founders Capital, reaffirmed their confidence in the company.

“The latest fundraiser allows us to accelerate our mission of building a truly global financial ecosystem for diaspora communities. We’re just getting started—our users deserve modern financial infrastructure that works across borders,” said Parth Garg, Founder and CEO of Aspora, commenting on the Series B round.

Surging Global Presence and Ambitious Expansion

Aspora now serves 250,000 users across the UK, UAE, and Europe. Transaction volume skyrocketed from $400 million to over $2 billion in just six months. That exponential growth reinforces its bold plan to launch in the US this July, followed by Canada, Australia, and Singapore by year-end.

Through this international push, Aspora offers zero-fee transfers in the UAE and utilizes Google-indexed exchange rates, eliminating hidden charges. This will serve as a crucial advantage for NRIs navigating high foreign exchange fees.

With over $99 million raised to date, the fintech company is now valued at $500 million. The latest Series B funding not only underlines its credibility but also marks Sequoia’s first investment in an Indian-origin startup after its global restructuring.

Noteworthy backers include Balaji Srinivasan (former Coinbase CTO), Prasanna Sankar (co-founder of Rippling), and Sundeep Jain (former Uber CPO), underscoring a deep domain understanding of Aspora’s vision.

A Borderless Banking Future

Founded in 2022 by Parth Garg and incubated by Y Combinator’s Winter 2022 batch, Aspora is building banking infrastructure for a borderless world. It partners with RBI-regulated banks in India and complies with the UK’s Financial Conduct Authority (FCA), ensuring regulatory trust across regions.

As it prepares to enter the US market, Aspora aims to lead the next generation of immigrant banking by delivering inclusive, tech-driven, and efficient financial experiences for globally mobile users.

Luciana Lixandru, Partner at Sequoia Capital and a new member of Aspora’s board said, “Aspora is bringing diaspora banking into the modern age, enabling many millions to participate in the growth stories of their home countries.”

“This isn’t just about digital banking; it’s about the new opportunities Aspora can create for immigrants worldwide. We were proud to be among Aspora’s first believers, having led their Series A round late last year and having seen the team drive payment volume to $2 billion. We’re excited to double down and co-lead their Series B as they scale and expand into the US, Canada, and Europe,” added Luciana.

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