Along with these major investors, other participants included Hummingbird, Quantum, Light Ventures, and Y Combinator. The company values itself at USD 500 million following this investment, having raised over USD 99 million to date.
Aspora has begun offering remittances services for Non-Resident Indians (NRIs) in the UK since early 2023. With plans to expand into more markets such as Europe and the United Arab Emirates, the company is committed to providing competitive rates with a flat fee structure.
Presently, Aspora allows users to invest in mutual funds within India, using what they market as ‘Google rate’ exchange services. The influx of capital will be used to extend its reach into the US, a significant remittance corridor for Indians, by July 2025. Furthermore, expansion efforts aim to cover Canada, Singapore, and Australia by the end of Q4 2025.
In addition to expanding their financial services offerings, Aspora plans to introduce new products that include fixed deposit accounts for NRIs in June 2025, along with a full-stack banking account expected later in the year. These initiatives will enable NRIs to securely manage their finances while living abroad.
Besides financial services, Aspora also intends to offer additional support through a product designed to assist NRIs in taking care of their families back home. This includes regular medical checkups, emergency care coverage, and concierge services for other forms of assistance.