Aspora Raises $50M to Redefine Banking for NRIs

India has been a leading recipient of global remittances, with inflows rising from $55.6 billion in 2010–11 to $118.7 billion in 2023–24, and projected to hit $160 billion by 2029—driving demand for digital financial services tailored to non-resident Indians (NRIs). Aspora (formerly Vance) is tapping into this growing market by building a specialized financial platform for the Indian diaspora. While its broader vision includes banking, investing, insurance, and family care tools, the company currently focuses on streamlining remittances to make cross-border money transfers faster, simpler, and more accessible.

Over the past year, Aspora’s annual remittance volume has grown from $400 million to $2 billion. This growth attracted $35 million in Series A funding last December and, more recently, $50 million in a Series B round co-led by Sequoia and Greylock, valuing the startup at $500 million. Total funding now exceeds $99 million.

The company, which launched in the UK in 2023, has expanded across Europe and the UAE, with upcoming launches in the U.S., Canada, Singapore, and Australia. Aspora offers competitive transfer rates, mutual fund investments, and soon plans to introduce bill payments, fixed deposits, and full-service NRI bank accounts.

Aspora also aims to support NRIs in caring for their parents in India through health and concierge services. Competing with players like Remitly, Wise, and India-based Abound, Aspora’s speed and focus on diaspora needs give it an edge, investors say.