Remittance firm Aspora garners $93m in funding
The company, founded in 2022, is focused on building financial infrastructure tailored to the needs of global Indian communities.
Aspora is backed by venture firms including Sequoia Capital, Greylock Partners, Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator.
The company also has the support of angel investors such as Quantum Light, Balaji Srinivasan (former CTO of Coinbase), Sundeep Jain (former CPO of Uber), Prasanna Sankar (Co-founder of Rippling), and Chad West (former CMO at Revolut).
Headquartered in London, with offices in Dubai and India, Aspora currently serves users across the UK, UAE, and the EU.
The company has reported processing over $2bn in remittance volume, a fivefold increase from $400m six months ago, the company said in a statement.
More than 250,000 non-resident Indians (NRIs) now use the platform, and Aspora estimates users have saved over $15m in fees compared to traditional remittance providers.
The company is set to launch its services in the US in July, with Canada, Australia, and Singapore expected to follow before the end of the year.
In addition to remittances, Aspora plans to develop a broader financial ecosystem that includes banking, investments, credit, and insurance products tailored to the needs of individuals with cross-border lives.
"Remittance firm Aspora garners $93m in funding " was originally created and published by Electronic Payments International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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