Fintech Firm Aspora Raises USD 50 Million in Series B Funding
Aspora, a fintech company, has announced it secured USD 50 million in a Series B funding round. The investment was co-led by Sequoia and Greylock and joined by Hummingbird, Quantum, Light Ventures, and Y Combinator.
Funding Details
As of now, Aspora has raised over USD 99 million in total funding, valuing the company at approximately USD 500 million.
Expansion Plans and Services Offered
With this new capital infusion, Aspora aims to expand its services into more markets. The company has already started providing remittances for Non-Resident Indians (NRIs) in the UK, with plans to extend these services to Europe and the United Arab Emirates.
New Markets and Services
Aspora intends to launch its services in the US by July 2025. Additionally, it plans to scale operations into Canada, Singapore, and Australia by the end of the fourth quarter of 2025. The company is also preparing new products to enhance customer service, such as fixed deposit accounts for NRIs starting in June 2025.
Future Products and Services
In line with its growth strategy, Aspora aims to introduce a comprehensive banking account for NRIs by the end of the year. Beyond banking, the startup plans to offer a product that assists NRIs in taking care of their families back home through regular medical checkups, emergency care coverage, and concierge services.
