London fintech Aspora has successfully secured $53 million in Series B funding to further its mission of creating a financial ecosystem designed specifically for diaspora communities.
Formerly known as Vance, this funding round was co-led by Sequoia and Greylock, with support from Nik Storonsky’s Quantum Light Ventures. This latest investment brings the total raised to $93 million across three funding rounds in the past six months.
In a blog post, the company highlighted that over 250,000 non-resident Indians currently use Aspora for money transfers. “We have processed over $2 billion in volume—a five-fold increase from the $400 million we managed just six months ago. Most importantly, our users have saved over $15 million in fees typically charged by traditional remittance providers,” they noted.
Based in London, with offices in Dubai and Bengaluru, Aspora serves users across the UK, UAE, and EU, and plans to launch in the United States this July, followed by expansions into Canada, Australia, and Singapore later this year.
Beyond remittances, Aspora aims to develop a range of new products that will enable users to bank seamlessly across multiple countries, invest in various asset classes, and access credit and insurance services across borders.
Founder and CEO Parth Garg stated, “This latest fundraise allows us to accelerate our mission of building a truly global financial ecosystem for diaspora communities. We’re just getting started—our users deserve modern financial infrastructure that works across borders.”