Aspora raises £40M Series B to fuel Global Expansion for Fintech Serving Indian Diaspora

Aspora's recent funding has become a key topic in fintech as the company advances its mission to simplify banking for global Indians. Founded in 2022 by Parth Garg, who left Stanford University to build Aspora, the company was previously called Vance.

Aspora’s recent funding journey is notable. In the last eight months, the company has raised a total of £68.4 million across three rounds. The most recent Series B round brought in £40 million and was co-led by Sequoia Capital and Greylock Partners, joined by Quantum Light, the venture firm founded by Revolut CEO Nik Storonsky. Other investors include Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator. Angel investors such as Balaji Srinivasan (former CTO of Coinbase), Sundeep Jain (former CPO of Uber), and Chad West (former CMO of Revolut) have also participated.

The Series B round marks a turning point for Aspora funding, enabling the company to speed up its expansion into major markets. Parth Garg, founder and CEO, said, “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 is set to launch in the United States in July, followed by Canada, Australia, and Singapore by year-end.

Aspora’s platform is built for non-resident Indians (NRIs) and the wider Indian diaspora. The company offers international transfers, multi-country banking, investment access, credit products, and tailored insurance. Aspora’s user base has grown to more than 250,000, processing over £1.47 billion in payment volume and saving users more than £11 million in fees. Its growth strategy relies on referrals and community engagement, keeping acquisition costs lower than competitors.

Luciana Lixandru, Partner at Sequoia Capital and new Aspora board member, praised the company’s impact: “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.” She also said, “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.”

Aspora is headquartered in London, with regional hubs in Dubai and Bengaluru. The company operates through regulated entities in the UK and Canada, and partners in the UAE, ensuring user funds are protected throughout the payment process. Parth Garg’s personal experience as part of the Indian diaspora shapes the company’s vision. He said, “I grew up in the UAE, so I’ve been a part of the diaspora and an immigrant for all my life. It’s something that resonates with me.”

With a current valuation of £368 million, Aspora is positioned as a disruptor in cross-border banking, competing with established players like Remitly and Wise. The latest Aspora funding will be used to drive further expansion, develop new products, and build scalable infrastructure to serve the evolving needs of diaspora communities worldwide. As Aspora grows, its focus remains clear: to empower global Indians with seamless, transparent, and borderless banking solutions.