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Aspora gets $50M from Sequoia to build remittance and banking solutions for Indian diaspora
- Aspora, formerly Vance, secures $50 million in Series B funding co-led by Sequoia and Greylock to develop remittance and banking solutions for the Indian diaspora.
- Inward remittances to India have shown significant growth, creating a demand for digitalized banking experiences for non-resident Indians (NRIs).
- Aspora primarily focuses on remittances and has seen a 6x increase in volume, processing $2 billion yearly.
- The company underwent a $35 million Series A funding and subsequent Series B funding round, raising a total of $85 million to date.
- Expanding its presence in various markets, Aspora charges a flat fee for money transfers, offers competitive rates, and now enables customers to invest in mutual funds in India.
- Plans for further expansion include launches in the U.S., Canada, Singapore, and Australia, aiming to provide a comprehensive suite of financial tools for NRIs.
- Upcoming product launches by Aspora include bill payment platforms, fixed deposit accounts, and full-stack banking accounts for NRIs.
- Additionally, Aspora plans to introduce services to assist NRIs in taking care of their parents back in India, including medical checkups and emergency care coverage.
- Sequoia's Luciana Lixandru is optimistic about Aspora's approach, emphasizing the importance of speed and focused execution in the financial services sector.
- Aspora faces competition from global players like Remitly and Wise, as well as India-based rivals like Abound, spun off from Times Internet.
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