Aspora gets $50M from Sequioa to build remittance and banking solutions for Indian diaspora

India has been one of the top recipients of remittances in the world for more than a decade. Inward remittances jumped from $55.6 billion in 2010-11 to $118.7 billion in 2023-24, according to data from the country’s central bank. The bank projects that figure will reach $160 billion in 2029.

This means there is an increasing market for digitalized banking experiences for non-resident Indians(NRIs), ranging from remittances to investing in different assets back home.

Aspora (formerly Vance) is trying to build a verticalized financial…