Fintech startup Aspora, which focuses on building global banking solutions for non-resident Indians (NRIs) and immigrant communities, has raised $53 million in Series B funding. The round was co-led by Sequoia Capital and Greylock, with additional participation from Quantum Light Ventures and returning investors including Hummingbird Ventures, Soma Capital, and Y Combinator.

This comes after two previous funding rounds: $35 million in December 2024 and $5 million in September 2024, making Aspora one of the most heavily backed startups in the cross-border fintech space.

Building for NRIs

Originally known as Vance, Aspora is building a global financial ecosystem tailored to immigrants. The startup specifically serves NRIs—who make up just 1% of India’s population but are a powerful economic force through remittances and investments. Aspora aims to help users remit money, invest, bank, and access credit and insurance services seamlessly across borders.

Aspora currently operates in the UK, UAE, and EU, and is preparing for a July launch in the US, followed by Canada, Australia, and Singapore later in the year. In the UAE, it already offers zero-fee transfers and exchange rates identical to Google’s real-time currency rates.

Serving Global Users

Aspora claims to now serve 250,000 users, with a massive spike in transaction volumes—from $400 million to over $2 billion in just six months. The company says the new capital will be used to accelerate product development, grow its international footprint, and build modern banking infrastructure for diasporas.

CEO Parth Garg emphasized that Aspora’s mission is to give immigrants equal access to financial opportunities, stating, “Our users deserve modern financial infrastructure that works across borders.”

Strong Investor Confidence

The company is backed by influential angel investors including Balaji Srinivasan (ex-Coinbase CTO), Sundeep Jain (ex-Uber), and Chad West (ex-Revolut). Luciana Lixandru, Partner at Sequoia and now a board member at Aspora, called the company’s mission transformative. She noted Aspora’s unique role in enabling global Indians and immigrants to participate in their home countries’ economic growth.

Aspora is fast becoming a central platform for global diaspora banking, proving there’s strong demand for truly borderless financial services.