In a landmark move aimed at transforming the way immigrants manage their finances across borders, fintech startup Aspora has announced a $93 million fundraise spread across three funding rounds. The announcement marks a significant milestone for the company, which was founded just three years ago by Parth Garg, a Stanford dropout driven by a deeply personal mission.
From frustration to fintech innovation
Garg, himself an immigrant, launched Aspora in 2022 after grappling with the complexities and costs of international banking. What began as a personal frustration quickly turned into a larger mission: to build a modern financial ecosystem tailored for Non-Resident Indians (NRIs) and the broader global Indian diaspora.
Since its inception, Aspora has grown at a remarkable pace. The platform now supports over 250,000 users, facilitating more than $2 billion in remittance volume—a fivefold increase from just six months ago. By circumventing traditional banking intermediaries, Aspora has helped users save over $15 million in fees.
“These aren’t just numbers to us,” said a company spokesperson. “They represent real families staying connected, students financing their education, and entrepreneurs linking their roots with new opportunities.”
Global reach, local roots
Headquartered in London with additional offices in Dubai and Bengaluru, Aspora currently serves users across the UK, UAE, and EU. The company plans to launch in the United States this July, followed by Canada, Australia, and Singapore before the end of 2025.
While remittances remain at the core of its offering, Aspora has broader ambitions. The company is building a financial ecosystem that caters specifically to the cross-border lives of diaspora communities. Future offerings include multi-country banking, investment opportunities across asset classes, and access to credit and insurance products designed for immigrants.
Backed by Silicon Valley’s elite
Aspora’s growth has attracted the attention—and capital—of top-tier investors. Backers include Sequoia Capital, Greylock Partners, Hummingbird Ventures, Soma Capital, Global Founders Capital, and startup accelerator Y Combinator. Notable angel investors also joined the round, including former Coinbase CTO Balaji Srinivasan, ex-Uber CPO Sundeep Jain, Rippling co-founder Prasanna Sankar, and former Revolut CMO Chad West.
Luciana Lixandru of Sequoia Capital, which led Aspora’s Series A and co-led its Series B, praised the company’s progress:
“Aspora is bringing diaspora banking into the modern age, enabling many millions to participate in the growth stories of their home countries. We were proud to be among Aspora’s first believers and are excited to double down as they scale into the U.S., Canada, and Europe.”
What lies ahead
The $93 million fundraise will fuel Aspora’s global expansion and support the development of new, diaspora-focused financial products. According to the company, the goal is clear: to build the financial infrastructure that global communities deserve.
“To our users who trust us with their financial journeys—thank you,” said the company. “To our team who works tirelessly to serve our community—this is just the beginning.”
As Aspora prepares to enter new markets and roll out expanded services, it is positioning itself not just as a remittance provider, but as a full-spectrum financial partner for the modern immigrant. The future of diaspora banking, it seems, is already in motion.
Further, Aspora is entering a space with formidable players, including both legacy financial institutions and rising fintech stars. On the traditional side, banks like ICICI, HDFC, and SBI offer NRI banking services, but often with higher fees and slower processes. Among fintechs, Remitly, Wise (formerly TransferWise), Revolut, and Nium are strong contenders in the global remittance and neobanking markets.
