Sequoia-backed fintech Aspora will let Indian diaspora pay payments again house

[ad_1] Sequoia-backed fintech platform Aspora, which lets the Indian diaspora ship a reimbursement to India, is launching a brand new characteristic for customers to pay payments. This implies Non-Resident Indians (NRIs) pays utility payments or recharge their cellular pay as you go plans for his or her household.

The startup mentioned that till now, customers needed to both switch the cash to their Indian accounts or ask somebody to deal with the payments for them. The opposite choice for them was to make use of their international playing cards and attempt to pay payments whereas going through excessive prices and fee failures.

Aspora has hooked as much as the Bharat Invoice Fee System (BBPS), which handles invoice funds in India, utilizing Sure Financial institution’s home pipeline. Via this technique, it has enabled fee for greater than 22,000 billers in India, starting from electrical energy suppliers similar to BSES and BESCOM, broadband suppliers like Jio and Airtel, and mortgage funds for main banks.

The startup mentioned it’s not charging any charges for these funds, and the customers get the most effective alternate charges to pay the invoice straight in international forex.

“For tens of millions of Indians residing abroad, paying payments in India has at all times been unnecessarily advanced – involving transfers, delays, and double charges. Aspora has now solved this large-scale downside on the faucet of a button”, Aspora founder and CEO Parth Garg instructed TechCrunch in a current cellphone interview.

Garg mentioned invoice funds may scale back remittances, however solely by 4% to five% of whole transfers. Garg believes giving customers the flexibility to pay payments will create long-term stickiness.

“Right now, the purpose for any Neo financial institution is to attempt to get increasingly more transactions in your app. With remittances, individuals used to make use of the app a few times a month. Due to this new invoice fee system. The brand new characteristic will increase velocity on our platform and has our customers go to the platform extra regularly,” Garg talked about.

Techcrunch occasion

San Francisco | October 13-15, 2026

He mentioned Aspora has been testing this characteristic with a couple of thousand customers for a a number of weeks now, and it has seen constructive outcomes. The startup famous that cellular recharges have been a giant use case that emerged out of this check. BBPS doesn’t assist some classes, like cellular recharge or bank card funds for international payers. That's the reason Apsora has partnered with worldwide cellular recharge firm Ding to facilitate these transactions.

The characteristic is obtainable for patrons within the UK, and the corporate plans to make it out there to customers within the U.S. and the United Arab Emirates (UAE) quickly.

In June, Aspora raised $50 million in Sequence B funding at a $500 million valuation, led by Sequoia. Different traders Greylock, Hummingbird, Quantum Mild Ventures, and Y Combinator additionally contributed to the spherical. The corporate has raised greater than $99 million in funding up to now. The startup opened up its providers in July to NRIs within the U.S. market, which accounts for the highest inward remittance marketplace for India, with almost 28% market share in accordance with the nation’s central financial institution.

Aspora has now reached 800,000 prospects, who've completed transactions of $4 billion and saved $25 million in switch charges, in accordance with the corporate.

Aspora goals to launch NRE (Non-Resident Exterior) accounts to let customers handle international earnings and NRO (Non-Resident Unusual) accounts to let customers handle incoming earned in India subsequent yr.