PE-VC Fund Investments
Neobank for NRIs Aspora raises $53-M led by Sequoia Capital, Greylock Partners
Economic Times Company Announcement Aspora
Aspora (previously known as Vance), a London- and Bengaluru- based neo-banking platform targeting the Indian diaspora , has raised USD 53 million led by US-based venture capital firms Sequoia Capital and Greylock Partners, with participation from Quantum Light. The company is reported to be valued at USD 500 million.Founded in 2022 by Parth Garg, Aspora provides remittance service to immigrant diaspora and NRI's. The company claims to have 4,00,000+ NRI users across 5 countries. The fresh funding will be used by the company for expansion into new markets, product innovation, and enhance the financial infrastructure.The startup had raised USD 5 million in an extended first round in September 2024, after which came a USD 35 million infusion led by Sequoia Capital and Greylock Partners,
For FY24, Aspora had reported about INR 7.71 Cr in Operating Income and about INR 3.69 Cr in Net Loss.
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