Aspora gets $50M from Sequoia to build remittance and banking solutions for Indian diaspora

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Here’s a structured list based on the provided text:

Startup

  • Name: Aspora (formerly Vance)

Founders

  • Founder: Garg

Funding Rounds

  1. Series A

    • Amount Raised: $35 million
    • Date: December (previous year)
    • Valuation: $150 million
    • Lead Investors: Sequoia
    • Participating Investors: Greylock, Y Combinator, Hummingbird Ventures, Global Founders Capital
  2. Series B
    • Amount Raised: $50 million
    • Date: Recently announced (exact date not specified)
    • Valuation: $500 million
    • Co-Lead Investors: Sequoia, Greylock
    • Participating Investors: Hummingbird Ventures, Quantum Light Ventures, Y Combinator

Total Funding to Date

  • Amount: Over $99 million

Key Metrics

  • Growth in Remittances: Increased from $400 million to $2 billion in annual volume within a year.

Market Expansion

  • Initial Launch: UK in 2023
  • Future Markets:
    • U.S. (launching next month)
    • Canada
    • Singapore
    • Australia (by Q4 of this year)

Competitors

  • Global Competitors: Remitly, Wise
  • India-Based Rivals: Abound (spun off from Times Internet)

Future Plans

  • New products:
    • Bill payment platform
    • Fixed deposit accounts
    • Full-stack banking account for NRIs
    • Services for parental care (medical checkups, emergency care)

This list encapsulates the key details regarding Aspora’s funding, business focus, and future plans as mentioned in the provided text.

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2025-06-16 05:00:00