London fintech for immigrant communities Aspora raises $53 million

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Formerly known as Vance, the new capital injection was co-led by Sequoia and Greylock, with Nik Storonsky’s Quantum Light Ventures also contributing to the round.

The latest raise marks the culmination of three rounds of funding over the past six months to the tune of $93 million:

In a blog post announcing the funding, the firm says that over 250,000 non-resident Indians now send money with Aspora: “We have processed over $2B in volume—a five-fold increase from the $400M we were handling just six months ago. Most importantly, our users have saved over $15M in fees that would have otherwise gone to traditional remittance providers.

From its headquarters in London and offices in Dubai and Bengaluru, the firm is currently serving users across the UK, UAE and EU, with plans to launch in the United States this July followed by Canada, Australia and Singapore before the end of the year.

Aspora is also expanding beyond remittances to build a suite of new products to help users bank seamlessly across multiple countries, invest in diverse asset classes, and access credit and insurance services across borders.

Parth Garg, founder and CEO, says: “The 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.”