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Aspora announced a $50 million Series B in June 2025, co-led by Sequoia Capital and Greylock, to expand beyond remittances into broader financial services for Indians living abroad. The company, formerly known as Vance, is using cross-border transfers as the starting point for an ambition that includes banking, savings, investing and other financial products.
What Aspora does
Aspora is a fintech platform focused on cross-border financial services for the Indian diaspora. Its initial service is sending money to India; its stated strategy is to build additional products around the financial needs of Indians living abroad and their families at home. Sequoia has described remittances as the foundation for broader diaspora banking.
In the June 2025 funding announcement, founder Parth Garg said the company wanted to use remittances as a “wedge” for services including banking, investing, insurance, lending in India and products to help customers care for their parents. Those are the company’s strategic ambitions, not a claim that every product is currently available.
What the $50 million funding headline means
TechCrunch reported on June 15, 2025, that Aspora announced a $50 million Series B co-led by Sequoia Capital and Greylock. Hummingbird, Quantum Light Ventures and Y Combinator also participated. TechCrunch reported a $500 million company valuation and said Aspora had raised more than $99 million to date. TechCrunch’s funding report is the source for those figures.
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Other sources describe different totals, and they should not be treated as interchangeable. Aspora’s own June 2025 announcement said it had raised $93 million across three rounds over six months. Orrick’s July 2, 2025 transaction note described the Series B as $53 million. The public accounts therefore differ in how they characterize the round and cumulative funding; the $50 million headline reflects TechCrunch’s contemporaneous description. Aspora’s announcement
Why the company is moving beyond transfers
Remittances give Aspora a way to serve a recurring need while building relationships with customers who may also want to save, invest or manage financial obligations across borders. Sequoia’s investment thesis describes the transfer product as a first step toward diaspora banking, rather than the end state. The opportunity is tied to the scale of money sent to India: TechCrunch reported that RBI figures showed inward remittances rose from $55.6 billion in 2010–11 to $118.7 billion in 2023–24, and that the RBI projected $160 billion in 2029. These are figures reported by TechCrunch from RBI data, not figures independently verified here against a primary RBI release.
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In June 2025, TechCrunch reported that Aspora’s annual remittance volume had grown from $400 million to $2 billion, a sixfold increase over the previous year, and that 80% of users were sending money to their own accounts in India. These are company-reported figures conveyed by TechCrunch. Aspora’s own June announcement separately cited 250,000 transacting users, more than $2 billion in volume and more than $15 million in fee savings. Aspora’s June 2025 announcement
A later Sequoia profile published in September 2025 cited more than 700,000 NRIs using Aspora, hundreds of millions of transfers each month, more than $4 billion in annual remittances and 4% of worldwide NRI remittances. Those are investor-reported figures from Sequoia’s profile, not audited performance data. The different user and volume figures refer to different publication dates and sources, so they should not be collapsed into one current metric. Sequoia’s September 2025 profile
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What customers can use today
Transfers to India
Aspora’s US transfer help page lists USD, GBP, EUR and AED as currencies that can be sent to INR. It says the fee is dynamic and shown before a transfer is initiated, and that US customers can connect a bank account. Transfers may be delayed by ACH. These details are specific to the official help page and can change; availability and terms should not be assumed to be identical across countries. Aspora’s US transfer help page
When comparing remittance services, compare the same sending country, recipient, amount and payment method. The total cost depends on both the fee and exchange rate, while practical differences include delivery time, payment and receiving methods, required recipient details and eligibility.
NRI banking and deposits
Aspora’s NRI Banking page advertises early access to NRE/NRO accounts and fixed deposits through an Indian partner bank. It lists rates “up to” 7% on savings and 8% on fixed deposits; these are advertised maximums, not guaranteed rates for every customer or term. The page says Aspora acts as an introducer and receives a referral fee, and that eligible deposits are protected by DICGC up to ₹5 lakh per depositor. Aspora’s NRI Banking page
Geography matters. The same page says the UK entity does not accept UK deposits and is authorised for remittance only; FSCS protection does not apply to deposits held with the Indian partner bank. It also flags exchange-rate, Indian tax and reporting risks. Anyone considering a deposit should check the current rate and term, eligibility, currency exposure, applicable deposit protection and tax and reporting obligations rather than relying on the headline rate alone.
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Why geography and legal entity matter
Aspora’s company disclosures identify separate entities and arrangements: Real Transfer Limited in the UK, Nesse Technologies Inc. in Canada, UAE services through Lulu International Exchange LLC, and US remittances through Vance Money Services LLC in partnership with a bank. The applicable provider, authorization and product terms depend on the customer’s location and service. Aspora’s company disclosures
For a cross-border financial product, confirm which entity provides the service, where funds are held, what protections apply and which country’s rules govern the account. A statement about one market or entity does not establish the same terms elsewhere.
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