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Fintech startup Aspora raises $53 million to transform banking for global Indians
- Fintech startup Aspora, focused on reimagining banking for immigrants, raises $53 million in Series B funding led by Sequoia and Greylock.
- The funding round also saw participation from Quantum Light Ventures and existing investors like Hummingbird Ventures, Soma Capital, Global Founders Capital, and Y Combinator.
- Aspora, formerly known as Vance, targets global diasporas, starting with non-resident Indians (NRIs), aiming to provide tailored financial solutions.
- Founded in 2022, Aspora offers services for money remittance, investments, banking, and financial products globally.
- The startup operates in the UK, UAE, and EU, and plans to expand into the US, Canada, Australia, and Singapore.
- Aspora claims to provide zero-fee transfers in the UAE with exchange rates aligned with Google.
- The recent funding will accelerate Aspora's mission to build a global financial ecosystem for diaspora communities, serving 250,000 users.
- Notable angel investors backing Aspora include Balaji Srinivasan, Sundeep Jain, Prasanna Sankar, and Chad West.
- Sequoia Capital partner Luciana Lixandru praises Aspora for modernizing diaspora banking and creating new opportunities for immigrants worldwide.
- The Series B funding round signifies Aspora's growth, with its transaction volume surging from $400 million to over $2 billion in the last six months.
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