India has consistently been a top remittance recipient globally, with inward remittances increasing from $55.6 billion in 2010-11 to an anticipated $160 billion by 2029. This surge highlights the need for digital banking solutions specifically for non-resident Indians (NRIs). Aspora focuses on creating a user-friendly financial ecosystem for NRIs, primarily by enhancing remittance services. Their growth is notable, having raised significant funding rounds, with a recent $50 million in Series B financing, increasing their valuation to $500 million and permitting expansion into a broader array of financial products.
Inward remittances to India rose significantly, escalating from $55.6 billion in 2010-11 to an expected $160 billion by 2029, demonstrating the growing financial dynamics within the diaspora.
Aspora aims to create tailored financial products for non-resident Indians, combating the challenge of product discovery which has previously hampered users relying on generic banking apps.
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