Aspora, a Y Combinator-backed startup building cross-border banking solutions for immigrant communities, has raised $93 million across three equity rounds over the last nine months, giving it a post-money valuation of $500 million.
Founded in 2022 by Stanford dropout Parth Garg, Aspora (formerly Vance) is addressing the fragmented financial needs of diaspora communities, starting with the Indian diaspora. The company enables seamless cross-border remittances, banking, investments, credit and insurance for immigrants.
The $93 million infusion was raised across a $5 million seed extension in September 2024 led by Hummingbird Ventures, a $35 million Series A in December 2024 led by Sequoia Capital with participation from Greylock, and a $53 million Series B last month co-led by Sequoia and Greylock, with additional backing from Quantum Light.
This marks one of Sequoia Capital’s first significant bets on a global fintech startup with deep India exposure in recent years — a signal of growing investor interest in the next generation of cross-border financial infrastructure being built around the Indian diaspora.
Aspora has not officially announced any of the rounds. Notable angel investors across these raises include Balaji Srinivasan (ex-CTO of Coinbase), Sundeep Jain (ex-CPO of Uber), and Prasanna Sankar (co-founder of Rippling).
"From the moment we met Parth in a cramped Dubai hacker house, we knew he and Aspora were special," said Luciana Lixandru, partner at Sequoia and newly appointed board member. “This isn’t just about digital banking — it’s about the new opportunities Aspora can create for immigrants all over the world.”
Aspora has seen explosive growth in transaction volume over the last six months, going from $400 million in processed remittances to over $2 billion. The company says its 250,000 users have cumulatively saved $15 million in fees through its services.
Headquartered in London with offices in Dubai and Bengaluru, Aspora is currently active in the UK, the UAE, and the EU. It plans to launch in the US in July and expand to Canada, Australia, and Singapore by the end of the year.
The company is also preparing to launch a suite of new products that will allow users to bank across borders, invest in global assets, and access credit and insurance internationally.
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