Aspora, a Y Combinator-backed startup focused on developing cross-border digital payments solutions for immigrant communities, has secured a total of $93 million through three equity funding rounds over the past nine months, bringing its post-money valuation to $500 million.
Founded in 2022 by Stanford dropout Parth Garg, Aspora—formerly known as Vance—is focused on addressing the fragmented financial needs of global diaspora communities, beginning with the Indian diaspora. The platform offers a unified suite of services for immigrants, including cross-border remittances, banking, investments, credit, and insurance.
The startup has raised $93 million across three funding rounds in the past nine months: a $5 million seed extension led by Hummingbird Ventures in September 2024, 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 investment from Quantum Light.
Notably, this funding round represents one of Sequoia Capital’s most significant recent investments in a global fintech venture with strong ties to India, further highlighting growing investor confidence in the future of cross-border financial infrastructure tailored for diaspora populations.
Aspora has yet to officially announce any of its funding rounds. However, several prominent angel investors participated across these raises, including Balaji Srinivasan (former CTO of Coinbase), Sundeep Jain (former 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.”
The cross-border digital payments startup has experienced rapid growth in transaction volumes over the past six months, scaling from $400 million in processed remittances to more than $2 billion. According to the company, its 250,000 users have collectively saved $15 million in fees by using its platform.
Headquartered in London, with offices in Dubai and Bengaluru, Aspora currently operates in the UK, UAE, and EU markets. The company plans to launch in the US this July, followed by expansions into Canada, Australia, and Singapore by year-end.
Aspora is also gearing up to launch a new suite of products designed to help users bank seamlessly across borders, invest in global assets, and access credit and insurance services internationally.
