Vance (YC W22)

Aspora, formerly known as Vance, is a financial technology company that provides cross-border banking solutions tailored for the global Indian diaspora. Founded in 2021 by Parth Garg, a Stanford University dropout, the company was part of the Y Combinator Winter 2022 batch. Garg's personal challenges with managing finances across multiple countries inspired the venture. Initially conceived as a revenue-based financing platform, the business pivoted to focus on neo-banking for non-resident Indians (NRIs) and global citizens.

The company rebranded from Vance to Aspora in April 2025, after its marketing efforts were being flagged as political advertisements due to the similarity in name with US Vice President JD Vance. Aspora is headquartered in London, with offices in Dubai and Bengaluru. It provides a comprehensive financial platform enabling users to send money, manage multi-currency accounts, invest in various asset classes, and access credit and insurance products across borders. The service focuses on providing competitive exchange rates, often matching the 'Google rate', with low, flat fees and no-fee transfers in some corridors like the UAE. The platform operates via an app and aims to unify banking infrastructure globally, allowing users to transact with local payment systems, such as UPI in India, through a single interface.

Aspora has seen significant growth, processing over $2 billion in transaction volume and serving over 250,000 users across the UK, UAE, and EU as of mid-2025. The company has raised a total of $99.8 million, including a $5.8 million seed round in 2022 and $93 million raised across three rounds between September 2024 and May 2025, reaching a valuation of $500 million. Key investors include Hummingbird Ventures, Global Founders Capital, Y Combinator, Soma Capital, Sequoia, and Greylock. Aspora plans to expand its services to the US, Canada, Australia, and Singapore.

Keywords: cross-border banking, remittances, fintech, neobank, global Indians, NRI financial services, money transfer, multi-currency account, international payments, investment platform, Parth Garg, Y Combinator, Aspora, currency exchange, digital banking, London, Bengaluru, financial ecosystem, diaspora banking, global finance