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 experience for the Indian diaspora by keeping convenience at the center. While a lot of financial products are in its future roadmap, the company currently focuses largely on remittances.
“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,” founder Parth Garg said.
In the last year, the company has grown the volume of remittances by 6x — from $400 million to $2 billion in yearly volume processed.
