Aspora, a fintech startup focused on cross-border financial solutions for the Indian diaspora, has raised $50 million trying to build a verticalized financial experience for the Indian diaspora by keeping convenience at the center.
While a lot of financial products are in its future roadmap, the company founded by Parth Garg, currently focuses largely on remittances as India has been one of the top recipients of remittances in the world for more than a decade, TechCrunch reported.
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“While multiple financial products for non-resident Indians exist, they don’t know about them because there is no digital journey for them. They possibly use the same banking app as residents, which makes it harder for them to discover products catered towards them,” Garg said.
In the last year, the company has grown the volume of remittances by five times — from $400 million to $2 billion in yearly volume processed.
With this growth, the company has attracted a lot of investor interest. It raised $35 million in Series A funding in December 2024 led by Sequoia, with participation from Greylock, Y Combinator, Hummingbird Ventures, and Global Founders Capital.
The round pegged the company’s valuation at $150 million. In the four months following, the company tripled its transaction volume, prompting investors to put in more money.
The company announced Sunday it has raised $50 million in Series B funding, co-led by Sequoia and Greylock, with Hummingbird, Quantum Light Ventures, and Y Combinator also contributing to the round.
The startup said this round values the company at $500 million. The startup has raised over $99 million in funding to date.
After pivoting from being Pipe.com for India, the company started by offering remittance for NRIs in the UK in 2023 and has expanded its presence in other markets, including Europe and the United Arab Emirates.
It charges a flat fee for money transfer and offers a competitive rate. Now it also allows customers to invest in mutual funds in India. The startup markets its exchange rates as “Google rate” as customers often search for currency conversion rates, even though they may not reflect live rates.
The startup is also set to launch in the U.S., one of the biggest remittance corridors to India, next month. Plus, it plans to open up shop in Canada, Singapore, and Australia by the fourth quarter of this year.
Garg, who grew up in the UAE, said that remittances are just the start, and the company wants to build out more financial tools for NRIs.
“We want to use remittances as a wedge and build all the financial solutions that the diaspora needs, including banking, investing, insurance, lending in the home country, and products that help them take care of their parents,” he told TechCrunch.
He added that a large chunk of money that NRIs send home is for wealth creation rather than family sustenance. The startup said that 80% of its users are sending money to their own accounts back home.
In the next few months, the company is launching a few products to offer more services. This month, it plans to launch a bill payment platform to let users pay for services like rent and utilities.
Next month, it plans to launch fixed deposit accounts for non-resident Indians that allow them to park money in foreign currency. By the end of the year, it plans to launch a full-stack banking account for NRIs that typically takes days for users to open.
While these accounts can help the diaspora maintain their tax status in India, a lot of people use a family member’s account because of the cumbersome process, and Aspora wants to simplify this.
Apart from banking, the company also plans to launch a product that would help NRIs take care of their parents back home by offering regular medical checkups, emergency care coverage, and concierge services for other assistance.
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Greylock said it doubled down on its investment after seeing Garg’s vision come to life – growing fivefold in just 6 months – while re-imagining how the Indian diaspora manages their money.
“What struck us about Parth wasn’t just his vision, but his deep understanding of the problem,” the company says noting the Indian diaspora sends $125 billion home annually — more than Mexico, China, and the Philippines combined.
“But this community has been forced to navigate a labyrinth of expensive remittance services, paper-based banking processes, and disconnected financial products. As part of the Indian diaspora himself, Parth has experienced this friction firsthand and dropped out of Stanford to fix it.”
Starting with India, Aspora is also accelerating its expansion into the U.S., Australia, and Singapore. They’re also growing their suite of products to serve even more of the financial needs of immigrants worldwide.