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Aspora gets $50M from Sequoia to build banking tools for Indian diaspora
The funding will help Aspora address challenges faced by Non-Resident Indians (NRIs), who send $125 billion to India annually but often rely on slow and costly remittance platforms.
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Pranavi Sharma - Tue, 17, Jun 2025
- 04:02 EDT
- 20
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Founded by Parth Garg, who has lived as an NRI for 15 years, Aspora began with a remittance product using stablecoins to offer faster, lower-cost transfers. / Greylock.
Aspora, a fintech startup focused on cross-border financial solutions for the Indian diaspora, has raised $50 million in Series A and B funding co-led by Sequoia Capital and Greylock. The company plans to use the investment to expand its services in the U.S., Australia, and Singapore.
The funding will help Aspora address challenges faced by Non-Resident Indians (NRIs), who send $125 billion to India annually but often rely on slow and costly remittance platforms. According to Greylock, traditional remittance services charge 2–4 percent in fees, resulting in billions lost annually. NRIs also face cumbersome banking processes and fragmented financial tools despite holding 30 percent of India’s retail deposits.
“What struck us about Aspora wasn’t just their impressive growth—though growing fivefold from $400M to $2B in payment volume in six months is certainly impressive,” Greylock said. “It was their systematic approach to solving a complex, multi-faceted problem.”
Founded by Parth Garg, who has lived as an NRI for 15 years, Aspora began with a remittance product using stablecoins to offer faster, lower-cost transfers. The company says its 250,000 users have already saved over $15 million in fees.
“Aspora is building the complete financial operating system for NRIs, from banking, to investing, to cross-border credit and insurance,” Greylock said.
Garg, a former Stanford student, launched Aspora to address his own frustrations with international finance. “When founder Parth Garg first showed us frustrated real world experiences from NRIs struggling with basic banking, we knew this wasn’t just about technology, but about deeply understanding a community’s pain points,” Greylock said.
The startup operates teams in London, Dubai, and Bengaluru and is preparing for its U.S. launch. Investors say Aspora’s mission goes beyond payments.
“The global Indian diaspora deserves financial infrastructure as sophisticated as their economic contribution,” Greylock said. “We’re excited to double down on our partnership with Aspora as they make that a reality.”
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