India has consistently ranked among the top nations worldwide for remittances, with inward remittance inflows soaring from $55.6 billion in 2010-11 to an impressive $118.7 billion in 2023-24, according to the country’s central bank. The central bank projects this figure will reach $160 billion by 2029, highlighting a rapidly expanding market fueled by the Indian diaspora.
This surge in remittance flows is fueling demand for digital banking solutions tailored specifically for non-resident Indians (NRIs). From seamless money transfers to investment opportunities back home, NRIs are seeking more convenient ways to manage their finances across borders.
Enter Aspora (formerly Vance), a fintech startup committed to creating a streamlined, verticalized financial experience for the Indian diaspora. While the company plans to introduce a range of financial products in the future, its current focus is on simplifying remittances.
“Many financial services for NRIs exist, but they’re often hard to discover because there’s no dedicated digital journey for them,” explains Garg, a company executive. “NRIs typically use the same banking apps as residents, which makes it challenging for them to find products tailored to their needs.”
In just one year, Aspora has achieved remarkable growth—processing six times more remittances, jumping from $400 million to $2 billion annually. This rapid expansion has attracted significant investor interest. The company raised $35 million in Series A funding last December, led by Sequoia Capital with participation from Greylock, Y Combinator, Hummingbird Ventures, and Global Founders Capital. Valued at $150 million during this round, Aspora tripled its transaction volume within four months, prompting investors to increase their commitments.
Recently, Aspora secured an additional $50 million in Series B funding, co-led by Sequoia and Greylock, with contributions from Hummingbird, Quantum Light Ventures, and Y Combinator. This new round valued the startup at $500 million, bringing its total funding to over $99 million.
Originally launched as Pipe.com for India, Aspora began by offering remittance services for NRIs in the UK in 2023. The platform has since expanded its reach to markets in Europe and the UAE, charging flat fees and offering competitive exchange rates—often branded as “Google rate,” which customers frequently search for, even if it doesn’t reflect real-time rates. Additionally, users can now invest in mutual funds in India through the platform.
Looking ahead, Aspora is set to launch in the U.S. next month—the world’s largest remittance corridor to India—and plans to expand to Canada, Singapore, and Australia by the end of the year.
Garg, who grew up in the UAE, emphasizes that remittances are just the beginning. “Our goal is to build comprehensive financial tools for the diaspora—covering banking, investing, insurance, lending in India, and products to support their families,” he explains. “A significant portion of the money sent home is for wealth creation, not just daily expenses. Currently, 80% of our users are transferring funds to their own accounts back home.”
In the coming months, Aspora will introduce new features, including a bill payment platform for rent and utilities, and fixed deposit accounts in foreign currencies. By year’s end, the company aims to offer a full-stack NRI banking account—making it easier for users to open accounts quickly and manage their finances without complicated processes. This will help diaspora members maintain their tax status in India and simplify financial management for those who currently rely on family members’ accounts.
Beyond banking, Aspora plans to launch services that help NRIs care for their parents abroad, such as medical checkups, emergency coverage, and concierge assistance.
Competing with global players like Remitly and Wise, as well as India-based startups like Abound, Aspora’s focus on rapid execution and tailored corridor-by-corridor expansion gives it a competitive edge. Industry experts, including Sequoia’s Luciana Lixandru, believe Aspora’s strategic approach and verticalized solutions position it for long-term success.
“Speed and deliberate expansion are key indicators of future growth,” she notes. “Aspora’s ability to move quickly while building specialized services for each corridor is a smart strategy in the evolving financial landscape.”
