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India has been one of the top recipients of remittances in the world for more than a decade. According to data from the country’s central bank, inward remittances have increased significantly over the years, reaching $118.7 billion in 2023-24 and projected to hit $160 billion in 2029.
Aspora (formerly Vance) is working on creating a specialized financial experience for the Indian diaspora, focusing primarily on remittances. The company has seen substantial growth, with the volume of remittances processed increasing from $400 million to $2 billion in the past year. This growth has attracted investor interest, leading to a Series A funding of $35 million and a valuation of $150 million, followed by a Series B funding of $50 million, valuing the company at $500 million.
The company, originally known as Pipe.com for India, started by offering remittance services for NRIs in the U.K. in 2023 and has since expanded to other markets like Europe and the UAE. It plans to launch in the U.S. next month and in Canada, Singapore, and Australia by the end of the year. The company aims to provide a range of financial tools for NRIs, including banking, investing, insurance, lending, and products to support their parents.
Garg, the founder, emphasized that the company’s goal is to offer a comprehensive suite of financial services for the diaspora, with a focus on wealth creation. Aspora is set to introduce new products in the coming months, such as a bill payment platform, fixed deposit accounts, and full-stack banking accounts. Additionally, the company plans to launch a product to assist NRIs in taking care of their parents in India.
In a competitive market with global and India-based rivals, Aspora’s focus on execution speed and verticalized solutions sets it apart. Sequoia’s Luciana Lixandru believes that Aspora’s deliberate approach to building corridor by corridor is essential in the financial services sector, giving the company a competitive edge.
