Aspora raises $50 million from Sequoia Capital, Greylock and others

Cross-border digital payments startup Aspora, a cross-border financial technology company formerly known as Vance, has raised $50 million in its Series B funding round led by Sequoia and Greylock.

The funding round saw participation from Hummingbird, Quantum Light Ventures, and Y Combinator.

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Aspora has raised over $99 million in total funding so far, and its latest funding round has valued the company at $500 million.

This marks Sequoia’s first investment in an Indian-origin startup since its rebranding and restructuring in June 2023. The funding in Aspora will come through its US-based entity, Sequoia Capital. In India, the firm now operates as Peak XV Partners, which has continued to back several startups under its new identity.

“While multiple financial products for non-resident Indians exist, they don’t know about them because there is no digital journey for them. They possibly use the same banking app as residents, which makes it harder for them to discover products catered towards them,” Garg said.

About Aspora 

Aspora is a global fintech company that specializes in cross-border money transfers for non-resident Indians (NRIs). It offers remittance services using google exchange rates, allowing transfers from countries like the UK, UAE, and Germany. 

So far, Aspora claims to have processed over $2 billion in transactions, helping users save more than Rs 150 crore (about $17.5 million) in foreign exchange fees.

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