London-based cross-border payments startup Aspora has secured $53 million in new capital in a round co-led by Sequoia and Greylock, with additional participation from Quantum Light Ventures and existing investors Hummingbird Ventures, Soma Capital, Global Founders Capital and Y Combinator.
Previously known as Vance, Aspora plans to use the capital to reimagine banking for global diasporas, particularly non-resident Indians, who make up a small portion of India’s population, but play a major role in its economy, according to reporting by The Economic Times.
Aspora currently serves 250,000 users in the United Arab Emirates, and it has seen its transaction volume grow from $400 million to over $2 billion in the past six months. The company is preparing to launch in the United States this July, with plans to expand into Canada, Australia and Singapore by the end of the year.
