TechCrunch Startup News Aspora gets $50M from Sequioa to build remittance and banking solutions for Indian diaspora
Jun 18, 2025
In this engaging discussion, the focus is on Aspora's ambitious mission to transform banking for the Indian diaspora. They recently secured $50 million in Series B funding, paving the way for innovative remittance solutions. With remittances to India soaring, projected to hit $160 billion by 2029, the startup aims to simplify banking for non-resident Indians. The competition in the financial sector adds urgency to their outreach, making this a critical moment for both Aspora and its customers.
AI Snips
Chapters
Transcript
Episode notes
Rising Remittance Demand For NRIs
- India's remittance inflows have grown from $55.6 billion in 2010-11 to $118.7 billion in 2023-24, with projections of $160 billion by 2029.
- This growth highlights a rising demand for tailored digital banking services for the Indian diaspora globally.
NRI Financial Product Discovery Challenge
- Non-resident Indians often face difficulty discovering financial products tailored for them since existing apps cater mostly to residents.
- Aspora addresses this gap by creating a dedicated digital financial journey for the Indian diaspora.
Aspora's Rapid Growth And Funding
- Aspora grew remittance volume 6x within a year, from $400M to $2B annually.
- This rapid growth attracted $35M in Series A funding and later $50M in Series B, valuing the company at $500M.