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

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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 rel=”nofollow” href=”https://rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=23260″>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.

rel=”nofollow” href=”https://www.aspora.com/”Aspora (formerly Vance) is trying to build a verticalized financial…



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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 rel=”nofollow” href=”https://rbi.org.in/Scripts/BS_ViewBulletin.aspx?Id=23260″>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.

rel=”nofollow” href=”https://www.aspora.com/”Aspora (formerly Vance) is trying to build a verticalized financial…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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