Y Combinator-backed cross-border payments startup Aspora has raised $93 million over three equity funding rounds between September 2024 and May 2025, giving it a $500-million valuation, according to its founder, Parth Garg.

The startup, based in London, which provides remittance solutions for immigrant communities, has successfully raised funds in three rounds over the past eight months. Its initial institutional investment of $5.8 million from Hummingbird Ventures occurred in 2022.

According to Garg, the company secured an additional $5 million in a follow-up round in September 2024, which was then followed by a $35 million investment led by US-based venture capital firm Sequoia Capital, with involvement from US-based Greylock Partners.

Last month, Aspora obtained another $53 million in funding, led by Sequoia Capital and Greylock Partners, with contributions from London-based venture firm Quantum Light.

Among the other investors in this round were angel investors Balaji Srinivasan, former CTO of Coinbase, Sundeep Jain, the former CPO of Uber, and Prasanna Sankar, cofounder of Rippling.

Garg initially launched the business in Bengaluru but moved operations to London earlier this year, stating that it better facilitated the coordination of the brand's global operations.

For Sequoia Capital, headquartered in California, this marks its first significant investment in a startup of Indian origin that caters to Indian consumers.

In mid-2023, Sequoia Capital had separated its operations in China, India, and Southeast Asia. The China unit was renamed HongShan, while the Indian branch was rebranded as Peak XV Partners.

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Peak XV Partners has established a team in the US to seek early investment opportunities in the region. Peak XV Partners aims to raise $1.2 billion for its inaugural independent fund following the spinoff from Sequoia Capital.