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Aspora Raises $93M from Sequoia, Greylock to Build Cross-Border Banking for Immigrants; Valuation Hits $500M
- London-based fintech startup Aspora, founded by Parth Garg, raises $93 million with a $500 million valuation.
- Funding rounds include $5M seed extension, $35M Series A led by Sequoia Capital, and $53M Series B co-led by Sequoia and Greylock.
- Backed by Y Combinator, Aspora is focused on cross-border banking for immigrant communities, initially targeting the Indian diaspora.
- Aspora's offerings encompass remittances, banking, credit, investments, and insurance, facilitating seamless money transfer for users.
- The platform has processed over $2 billion in remittances, saving its 250,000 users $15 million in fees.
- Luciana Lixandru from Sequoia, now on Aspora's board, highlights the uniqueness of Garg's vision.
- Prominent angels like Balaji Srinivasan, Sundeep Jain, and Prasanna Sankar are part of Aspora's cap table.
- Aspora operates in the UK, EU, and UAE, with plans for expansion to the US, Canada, Australia, and Singapore by year-end.
- The startup is gearing up to introduce cross-border credit, insurance, and investment products as it expands globally.
- The investment reflects VC interest in developing advanced fintech solutions for global Indians and immigrant communities.
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