Latest news with #ParthGarg
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.'
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.
Time of India
4 days ago
- Business
- Time of India
Fintech startup Aspora secures $53 million in Series B
Aspora , a fintech company committed to reimagining banking for immigrants, has announced the successful raise of $53 million in Series B funding , co-led by Sequoia and Greylock, with Quantum Light Ventures also contributing to the round. Existing investors include Hummingbird Ventures, Soma Capital, Global Founders Capital and Y Combinator. Previously, known as Vance, the company is building financial solutions tailored for global diasporas—starting with non-resident Indians (NRIs), who represent just 1% of India's population but contribute significantly to its economy. This fundraise marks a major milestone in Aspora's mission to transform cross-border banking. Emphasising on the fundraise, Parth Garg, Founder and CEO, Aspora, said in a statement, '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.' Aspora was founded in 2022 by Parth Garg, who made the bold decision to drop out of Stanford University to build the company. Parth was born in India and spent his formative years in both India and Abu Dhabi. Drawing from personal experiences navigating financial systems across borders, Parth set out to address the unique challenges faced by global Indians. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Today, Aspora serves 250,000 users, helping them remit money to India with ease. The company's core user base is currently in the UAE. In the past six months alone, Aspora's transaction volume has surged from $400 million to over $2 billion. During the same period, users have collectively saved over $15 million in fees—savings that would have otherwise gone to traditional providers. Aspora guarantees users exchange rates identical to those displayed on Google and charges zero fees on transfers made from the UAE (fees do apply in other regions). The company currently operates in the UK, the UAE, and across the EU region. It is now preparing to launch in the United States this July, followed by planned expansions into Canada, Australia, and Singapore by the end of the year. Aspora is also building 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—further strengthening its vision to support the evolving financial needs of global announcement marks the culmination of three rounds of funding raised over the past six months to the tune of $93 million: Live Events Seed extension ($5M) - September 2024 led by Hummingbird Ventures (existing investors) Series A ($35M) - December 2024 led by Sequoia Capital with participation from Greylock Series B ($53M) - May 2025, co-led by Sequoia and Greylock with Quantum Light (Nik Storonsky's fund, CEO of Revolut) participating Aspora is also backed by notable angels including Balaji Srinivasan, Former CTO, Coinbase; Sundeep Jain, Former CPO, Uber; Prasanna Sankar, Co-Founder, Rippling; and Chad West, Former Global Head of Marketing and Communications, Revolut. The company is headquartered in London with offices in Dubai and Bengaluru. Luciana Lixandru, Partner, 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 all over the world. We were proud to be among Aspora's first believers by leading their Series A late last year and after seeing the team drive payment volume to $2B. We're excited to double down and co-lead their Series B as they scale and expand into the US, Canada, and Europe.'
