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Economic Times
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Cross-border digital payments startup Aspora raises $93 million from Sequoia Capital, Greylock and others
- Cross-border payments startup Aspora raised $93 million over three equity funding rounds between September 2024 and May 2025, valuing the company at $500 million.
- The London-based startup provides remittance services to immigrant diaspora and received its first institutional funding of $5.8 million from Hummingbird Ventures in 2022.
- Aspora raised an additional $5 million in September 2024, followed by a $35 million infusion led by Sequoia Capital and Greylock Partners.
- In the latest funding round, Aspora secured $53 million, with investments from Sequoia Capital, Greylock Partners, and Quantum Light, among others.
- Notable angel investors in the recent round included Balaji Srinivasan, Sundeep Jain, and Prasanna Sankar.
- The total amount raised by Aspora since its inception exceeds $98 million.
- Aspora, which started in Bengaluru, is now headquartered in London to aid global operations.
- This marks Sequoia Capital's first significant investment in an Indian-origin startup targeting Indian consumers.
- Sequoia Capital's India entity, now known as Peak XV Partners, is actively seeking early investment opportunities globally.
- Aspora was previously named Vance but rebranded due to brand identity issues after JD Vance's political venture.
- The startup serves around 250,000 users facilitating remittances to India and plans to expand its services to the US, Canada, Australia, and Singapore.
- Aspora's user acquisition strategy involves community referrals and performance marketing, keeping customer acquisition costs low.
- The company's presence extends across the UK, the European Union, and the UAE, with active user groups promoting the platform.
- Aspora competes with established players like Remitly and Wize, disrupting the traditional dominance of banks and Western Union in the remittance sector.
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