Grag said, “While multiple financial products for non-resident Indians exist, they don’t know about them because there is no digital journey for them. They possibly use the same banking app as residents, which makes it harder for them to discover products catered towards them.”
Last year, the company grew the volume of remittances by 6x – from $400 million to $2 billion annually volume processed.
With this growth, the company has attracted a lot of investors. As the company raised nearly $35 million in the first series of funding last December, which was previously unreported, led to Sequoia participated with participation from Greylock, Y Combinator, Global Founders Capital, and Hummingbird Ventures.
The company’s valuation at $150 million. In the following months, as the company tripled its transaction value, it attracted investors to invest more money.
The company also announced that it has raised $50 million in Series B funding, being co-led by Sequoia, Greylock, Quantum Light Ventures, and Hummingbird. The startup said this round values the company at $500 million. The startup has raised over $99 million in funding rounds to date.
The startup is also set to start in the US, marking one of the biggest remittance corridors to India. Even more so, the company is also planning to open up a shop in Canada, Singapore, and Australia.
Aspora also said for TechCrunch that “We want to use remittances as a wedge and build all the financial solutions that the diaspora needs, including banking, investing, insurance, lending in the home country, and products that help them take care of their parents,”.
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