Aspora provides a secure platform for international money transfers, specializing in remittances to India. The service guarantees exchange rates benchmarked against Google rates, ensuring users receive maximum value without hidden fees. Users benefit from transparent pricing and 256-bit encryption for all transactions.
Funding
$6.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
GRHVSCFounders
Product
Problem
Non-Resident Indians (NRIs) often face challenges in efficiently and affordably sending money to India due to hidden fees, unfavorable exchange rates, and complex banking procedures. Traditional remittance services may lack transparency and convenient access to investment opportunities tailored for NRIs.
Solution
Aspora (formerly Vance) provides a digital banking platform designed specifically for NRIs, enabling them to send money to India at competitive exchange rates with transparent, flat fees. The platform offers the ability to open NRE/NRO accounts digitally and invest in a curated selection of Indian mutual funds, all within a secure, user-friendly mobile app. Aspora partners with regulated financial institutions to ensure secure repatriation and compliance with financial regulations, providing a seamless and cost-effective solution for managing finances between their country of residence and India.
Target Audience
The primary target audience consists of Non-Resident Indians (NRIs) residing in the UK, UAE, Europe, and other countries who need a reliable, cost-effective, and convenient platform for sending money to India, managing NRI accounts, and making investments.
Features
- Real-time money transfers to India at Google exchange rates with a flat fee structure
- Digital onboarding for NRE, NRO, and FCNR accounts with competitive savings interest rates
- Access to a curated selection of high-return Indian mutual funds
- Military-grade 256-bit encryption for secure transactions and data protection
- Multi-currency support, including GBP, AED, USD, CAD, and EUR to INR
- Integration with local banking systems in the UK and EU for seamless transfers
- 24/7 customer support via email and chat
- Rate alerts to notify users of optimal transfer times