Aspora, a fintech startup focused on building financial solutions for the Indian diaspora, has secured $50 million in funding from Sequoia Capital. This investment aims to bolster Aspora's mission to provide seamless remittance and banking services to Non-Resident Indians (NRIs) worldwide.
Aspora is creating a financial services platform designed to simplify cross-border transactions and banking for immigrants. With this new capital infusion, the company plans to expand its reach and enhance its suite of services tailored to the unique needs of the Indian diaspora, the largest and wealthiest immigrant population.
The Indian diaspora represents a significant economic force, with approximately 15 million NRIs holding over $1.5 trillion in wealth, of which $500 billion is invested back in India. They remit around $125 billion annually, accounting for a substantial 25% of real estate purchases in India. Despite their economic importance, NRIs often face archaic banking experiences, a problem Aspora aims to solve by providing a modern platform for cross-border money movement, full-stack banking, investment solutions, credit, insurance, and other payment solutions.
The company's core offering focuses on enabling overseas Indian nationals to send money to their home country from their country of residence at the same exchange rates they'd see on Google. It's live in the UK, UAE, Germany, Italy and Ireland, where it has amassed 250k quarterly active users and plans to expand to the US.
Aspora's commitment to innovation, diligence and collaboration drives it to build better banking for all immigrants around the world. Aspora is backed by influential venture capitalists like Sequoia Capital, Greylock Partners, Hummingbird Ventures, Y Combinator, Global Founders Capital and Soma Capital.
The company's platform ensures efficient handling of transfers with simplicity, transparency and speed. Aspora's services offer benefits such as 100% credit to the recipient without intermediary bank deductions, same-day credit for major currencies and corridors, and zero transfer fees, where only the remitted amount is deducted from the sender.
With this new funding, Aspora is poised to further develop its platform, expand its services, and solidify its position as a leading financial services provider for the Indian diaspora.
