Sequoia, Greylock And Nik Storonsky’s QuantumLight Invest $90m Into Aspora

The $90 million raise includes three previously unannounced rounds: a $5 million seed extension led by Hummingbird, a $35 million Series A led by Sequoia with Greylock, and a $53.5 million Series B co-led by Greylock and Sequoia, with QuantumLight (founded by Revolut CEO Nik Storonsky) also participating.

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The funding values Aspora at $500 million, standing out in a market where most investors now lean toward B2B or more mature consumer fintechs.

Garg chose to focus on the Indian diaspora as Aspora’s first target market, influenced in part by his own experience as an Indian living abroad.

“I grew up in the UAE, so I’ve been a part of the diaspora and an immigrant for all my life,” he says. “It’s something that resonates with me.”

Another reason Aspora chose the Indian diaspora is that it’s one of the largest and wealthiest in the world. According to a BBC report citing Reserve Bank of India data, non-resident Indians (NRIs) sent $7.99 billion to India between April 2022 and March 2023—more than double the $3.23 billion from the previous year.

Aspora’s main service allows Indians living abroad to send money home using the same exchange rates shown on Google.

The platform is already live in the UK, UAE, Germany, Italy, and Ireland, with 250,000 active users each quarter. It will launch in the US next month, with plans to expand to Canada, Singapore, and Australia by the end of the year.

For transfers, Aspora charges a flat £3 fee from the UK to India and no fee from the UAE, helping it compete with major remittance apps like Wise and Remitly.

“In the UAE, we’re one of the only digital ways to send money,” he says. “And in the UK, people use us because we’re better priced.”

Garg aims to build a global finance app tailored for NRIs (non-resident Indians). Next month, Aspora will launch a new feature allowing NRIs to pay bills in India—such as utility bills, credit card payments, and rent—directly through the app.

Looking ahead, Aspora plans to introduce an interest-earning multi-currency account that leverages an Indian government subsidy for foreign currency accounts. It also plans to launch full-stack Indian bank accounts for NRIs.

Part of the recent funding will support the development of these new products, while the rest will be used to secure licences in new regions and double the team size over the next year.

About Aspora

Founded in 2022 by Parth Garg, who left Stanford to join Y Combinator, Aspora has since shifted focus to helping Indian nationals abroad make international payments.