Digital platform
Aspora
Category-leading NRI fintech (ex-Vance): stablecoin-rail remittance scaling into NRI banking and a dedicated wealth arm.
Dedicated NRI team
Yes
Strategy tenure
since 2023 (UK remittance as Vance; rebranded Aspora)
India onshore arc
—
Hubs
London, Dubai
Aspora, founded as Vance, is the best-funded and best-scaled of the NRI-native fintechs. It began with UK-to-India remittance in 2023, raised a $50M Series B in June 2025 (co-led by Sequoia and Greylock) at a $500M valuation, and runs on stablecoin rails. It is deliberately unbundling the incumbent NRI stack — remittance first, then NRE/NRO banking and bill payments, and from December 2025 a named wealth-management-and-lending business under ex-Paytm Money CEO Varun Sridhar. Self-reported scale figures diverge across surfaces (800,000 customers / $4bn volume per TechCrunch, Nov 2025; 1M+ users / $2B+ transferred on its own homepage, Aug 2026), so each should be cited with its source and date.
Why it matters
Aspora is the category's clear leader — a $500M-valuation remittance business now assembling the full NRI stack (NRE/NRO banking, bill-pay, and a wealth-and-lending arm under a career private banker) on stablecoin rails. Its self-reported metrics diverge across surfaces (800k customers/$4bn via TechCrunch vs 1M+/$2B+ on its own homepage), so any single figure should be cited with its source and date. The December 2025 hire of an ex-Paytm Money, ex-BNP/Citi/Deutsche executive to run wealth signals the incumbents' NRI franchises are the real competitive target.
By the numbers
$4bn
Cumulative transaction volume (company metric via TechCrunch)
TechCrunch · Nov 2025 · self-reported
4%
Share of all NRI remittances worldwide, per investor Sequoia (~700,000 NRI users, $4bn/yr)
Sequoia Capital · Sep 2025 · self-reported
1M+ users / $2B+
Homepage self-report (Aug 2026): 1M+ users, $2B+ transferred, $50M+ saved in forex fees; the $2B+ figure is scoped differently from the $4bn cumulative volume TechCrunch reported Nov 2025
Aspora (company site) · Aug 2026 · self-reported
The journey
Names ex-Paytm Money CEO Varun Sridhar CEO of wealth & lending business
On 5 December 2025 Aspora appointed Varun Sridhar CEO of its wealth management and lending business. He was previously CEO of Paytm Money and Paytm Services and earlier worked at BNP Paribas, Citibank and Deutsche Bank. Aspora said it operates in the US, UK, UAE, Germany, Italy and Ireland and aims to enter Saudi Arabia, France, Spain, the Netherlands, Canada and Singapore.
Launches India bill payments (BBPS via Yes Bank, 22,000+ billers)
Aspora connected to the Bharat Bill Payment System via Yes Bank, covering more than 22,000 billers, with mobile recharges via Ding and no fees. Live in the UK first, with the US and UAE planned. Metrics cited: 800,000 customers, $4bn in transactions, $25M saved in transfer fees.
$50M Series B (Sequoia + Greylock) at $500M valuation; remittances up 6x to $2bn/yr
A $50M Series B co-led by Sequoia and Greylock (with Hummingbird, Quantum Light Ventures and Y Combinator) valued Aspora at $500M and lifted total funding above $99M. Remittance volume had grown 6x from $400M to $2bn in yearly volume, with 80% of users sending money to their own accounts back home.
$35M Series A led by Sequoia at $150M valuation
Aspora raised a $35M Series A in December 2024, led by Sequoia with Greylock, Y Combinator, Hummingbird Ventures and Global Founders Capital, at a $150M valuation.
Launches as Vance with UK-to-India remittance
The company that became Aspora started as Vance, offering remittance for NRIs in the UK in 2023. Founder Parth Garg grew up in the UAE.
Connections
5 sources · all linked
TechCrunch · TechCrunch · Sequoia Capital · Aspora (company site) · SiliconIndia