Aspora Secures $53 Million in Series B Funding to Transform Financial Solutions for Global Diasporas

Aspora, an innovative Fintech company, has successfully raised $53 million in its Series B funding round. This financing was co-led by prominent investors Sequoia and Graylock, with additional participation from Quantum Light Ventures. Existing backers, including Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator, also contributed to this significant funding round.

Empowering Global Diasporas

Previously named Vance, Aspora is dedicated to creating financial solutions tailored for global diasporas, particularly focusing on non-resident Indians (NRIs). Although NRIs represent just 1% of the Indian population, their financial contributions play a crucial role in the country’s economy. This latest funding milestone is pivotal for Aspora as it aligns with their mission to revolutionize cross-border banking.

Accelerating the Mission

Parth Garg, founder and CEO of Aspora, expressed enthusiasm regarding the fundraising, noting, “This latest round enables us to accelerate our mission of building a truly global financial ecosystem for diaspora communities. We are only just beginning; our users deserve modern financial infrastructure that transcends borders.”

A Journey from Stanford to Fintech

Founded in 2022 by Parth Garg, who notably left Stanford University to pursue his vision, Aspora has its roots in India. Parth’s personal experiences navigating financial systems across international lines inspired him to address the unique challenges faced by Indians living abroad.

Global Expansion and Innovative Offerings

Aspora currently operates in the United Kingdom, Australia, and the European Union, with plans to launch in the United States by July. Further expansions are anticipated in Canada, Australia, and Singapore by year-end. The company is also developing a range of new products aimed at enabling users to bank, invest, and access credit and insurance services seamlessly across nations.

Recent Funding History

This announcement marks the culmination of three financing rounds completed in the last six months, totaling $93 million. The funding history includes:

• Seed Extension: $5 million (September 2024) led by Hummingbird Ventures
• Series A: $35 million (December 2024) led by Sequoia Capital with Graylock’s participation
• Series B: $53 million (May 2025), co-led by Sequoia and Graylock, with Quantum Light also contributing

Support from Industry Leaders

Aspora has also attracted significant backing from notable angel investors, including Balaji Srinivasan, former CTO of Coinbase; Sundeep Jain, former CPO of Uber; Prasanna Sankar, co-founder of Undulating; and Chad West, former head of global marketing at Revolut. With headquarters in London and offices in Dubai and Bengaluru, the company is well-positioned for growth.

Transforming the Future of Banking

Luciana Lixandru, a partner at Sequoia Capital and a newly appointed board member of Aspora, stated: “Aspora is bringing diaspora banking into the modern era, empowering millions to participate in the growth narratives of their countries of origin. This is more than just a digital bank; it reflects a commitment to champion the immigrant experience, with the team’s payment volume already reaching $2 billion.”