Latest news with #Aspora
Khaleej Times
a day ago
- Business
- Khaleej Times
UAE: Startup founded by expat raises $93 million fund for cross-border digital payments
A cross-border digital payments startup, founded by an Indian expat who grew up in Abu Dhabi, has raised $93 million from investors and is now 'trying to build a verticalised (focused on a specific industry) financial experience for the Indian diaspora.' Aspora (formerly Vance) told Khaleej Times it cumulatively raised $93m from Sequoia Capital, Greylock, and other angel investors, including Quantum Light (the venture fund set up by Revolut CEO, Nikolay Storonsky). 'While a lot of financial products are in our future roadmap, we currently focus largely on remittances by keeping convenience at the center,' added the banking/ remittance startup. Aspora was founded in 2022 by Parth Garg, who dropped out of Stanford to build the company. Garg was raised in Abu Dhabi, and his family still resides in the Capital. The startup is building banking solutions for immigrant diasporas, beginning with the global Indian community. 'We currently help 250,000 users remit money to India, and the majority of our users are in the UAE,' Aspora noted, adding: 'We currently process more than $2 billion in volume, up from $400 million when we raised our Series A, six months ago. Our users have saved over $15 million in fees with Aspora over this period.' Aspora assured users they follow exchange rates identical to those on Google, and more importantly, they 'charge zero fees on transfers in the UAE but there is a fee in other regions. 'We are currently present in the UK, the UAE, and the EU region. We are launching in the US in July and in Canada, Australia, and Singapore by the end of 2025,' said Aspora, which is headquartered in London with offices in Dubai and Bengaluru. The company also announced new products 'that will help users bank across multiple countries, invest in multiple asset classes, and avail credit and insurance across borders.' Lead investor and new board member Luciana Lixandru noted: 'Aspora is bringing diaspora banking into the modern age, enabling (expats) 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 all over the world.'
Finextra
2 days ago
- Business
- Finextra
London fintech for immigrant communities Aspora raises $53 million
London fintech Aspora has raised $53 million in Series B funding, furthering its mission to build a financial ecosystem tailored to the unique needs of diaspora communities. 1 Like 0 Formerly known as Vance, the new capital injection was co-led by Sequoia and Greylock, with Nik Storonsky's Quantum Light Ventures also contributing to the round. The latest raise marks the culmination of three rounds of funding over the past six months to the tune of $93 million: In a blog post announcing the funding, the firm says that over 250,000 non-resident Indians now send money with Aspora: "We have processed over $2B in volume—a five-fold increase from the $400M we were handling just six months ago. Most importantly, our users have saved over $15M in fees that would have otherwise gone to traditional remittance providers. From its headquarters in London and offices in Dubai and Bengaluru, the firm is currently serving users across the UK, UAE and EU, with plans to launch in the United States this July followed by Canada, Australia and Singapore before the end of the year. Aspora is also expanding beyond remittances to build a suite of new products to help users bank seamlessly across multiple countries, invest in diverse asset classes, and access credit and insurance services across borders. Parth Garg, founder and CEO, says: 'The latest fundraise 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.'
Yahoo
3 days ago
- Business
- Yahoo
Remittance firm Aspora garners $93m in funding
Cross border payments startup Aspora has raised $93m across three funding rounds, aimed at expanding its cross-border financial services. The company, founded in 2022, is focused on building financial infrastructure tailored to the needs of global Indian communities. Aspora is backed by venture firms including Sequoia Capital, Greylock Partners, Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator. The company also has the support of angel investors such as Quantum Light, Balaji Srinivasan (former CTO of Coinbase), Sundeep Jain (former CPO of Uber), Prasanna Sankar (Co-founder of Rippling), and Chad West (former CMO at Revolut). Headquartered in London, with offices in Dubai and India, Aspora currently serves users across the UK, UAE, and the EU. The company has reported processing over $2bn in remittance volume, a fivefold increase from $400m six months ago, the company said in a statement. More than 250,000 non-resident Indians (NRIs) now use the platform, and Aspora estimates users have saved over $15m in fees compared to traditional remittance providers. The company is set to launch its services in the US in July, with Canada, Australia, and Singapore expected to follow before the end of the year. In addition to remittances, Aspora plans to develop a broader financial ecosystem that includes banking, investments, credit, and insurance products tailored to the needs of individuals with cross-border lives. "Remittance firm Aspora garners $93m in funding " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Time of India
3 days ago
- Business
- Time of India
Fintech Aspora raises $53 million to expand cross-border banking for global Indians
Bengaluru: Aspora, a London-headquartered fintech startup focused on providing banking services for immigrant communities, has raised $53 million co-led by Sequoia and Greylock, with participation from Quantum Light Ventures. The company, which was previously known as Vance, is targeting the global Indian diaspora as its first major customer base. The latest round follows Aspora's $35 million and a $5 million seed extension last year. Over the past six months, the company has raised a total of $93 million across multiple funding rounds. Founded by Parth Garg in 2022, who dropped out of Stanford University to start the venture, Aspora is building cross-border financial products for non-resident Indians (NRIs) and other diaspora segments. According to the company, it currently serves 250,000 users, with its primary user base in the UAE. Over the past six months, Aspora's transaction volume has grown from $400 million to more than $2 billion, with users saving over $15 million in fees compared to traditional providers. Aspora offers zero-fee remittance transfers from the UAE and provides exchange rates identical to market benchmarks displayed on Google, while fees may apply in other markets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Eat 1 Teaspoon Every Night, See What Happens A Week Later [Video] getfittoday Undo The company currently operates across the UK, EU, and UAE, and plans to launch in the United States in July 2025, followed by expansion into Canada, Australia, and Singapore by the end of the year. In addition to institutional investors, Aspora is backed by a group of individual investors that includes Balaji Srinivasan (former CTO, Coinbase), Sundeep Jain (former CPO, Uber), Prasanna Sankar (co-founder, Rippling), and Chad West (former global marketing head, Revolut).
Entrepreneur
3 days ago
- Business
- Entrepreneur
Fintech Aspora Closes USD 53 Mn Series B Led by Sequoia and Greylock
You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Fintech startup Aspora, which was previously known as Vance, has successfully raised USD 53 million in a Series B funding round, co-led by Sequoia Capital and Greylock. It also received support from Quantum Light Ventures, Hummingbird Ventures, and Y Combinator. With this latest round, the company's total funding has reached $99 million, giving it a valuation of USD 500 million. The new funds will be used to enhance Aspora's cross-border banking infrastructure, expand into new markets like the US, Canada, Australia, and Singapore, and introduce a range of financial products designed specifically for global diaspora communities. Currently, Aspora operates in the UK, UAE, and EU, serving over 250,000 users, mainly non-resident Indians (NRIs). "The latest fundraise allows us to accelerate our mission of building a truly global financial ecosystem for diaspora communities," said Parth Garg, the Founder and CEO of Aspora. "We're just getting started—our users deserve modern financial infrastructure that works across borders." Founded in 2022 by Parth Garg, who left Stanford University to pursue this venture, Aspora is dedicated to rethinking banking for immigrants. The company provides zero-fee remittance services, offers exchange rates that match Google's, and supplies tools for investing, banking, and accessing credit and insurance on a global scale. Aspora rebranded from Vance to Aspora in April 2025, reflecting its ambition to serve diaspora populations worldwide, not just in India. In just six months, Aspora claims its transaction volume has increased from USD 400 million to over USD 2 billion, saving users more than USD 17.5 million in foreign exchange fees. This latest Series B round follows two earlier funding rounds: a $5 million seed extension in September 2024 and a USD 35 million Series A in December 2024, both led by Sequoia Capital and backed by existing investors. Luciana Lixandru, Partner, Sequoia Capital, "Aspora is bringing diaspora banking into the modern age. This isn't just about digital banking; it's about the new opportunities it creates." Aspora is backed by notable angel investors including Balaji Srinivasan (former CTO, Coinbase), Sundeep Jain (former CPO, Uber), and Chad West (former Head of Marketing, Revolut). Headquartered in London, with offices in Dubai and Bengaluru, Aspora is positioning itself as the go-to platform for seamless financial services for the global Indian diaspora.
