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Sequoia and Greylock lead $50 Mn round in Aspora

EntrackrEntrackr ยท 23d ago
Sequoia and Greylock lead $50 Mn round in Aspora
Medial

Aspora, a cross-border financial technology company formerly known as Vance, has raised $50 million in a Series B funding round co-led by Sequoia and Greylock. The round saw participation from Hummingbird, Quantum Light Ventures, and Y Combinator. According to Aspora, it has raised over $99 million in funding to date, and the current round values the company at $500 million. Aspora is a global fintech firm focused on cross-border money transfers for non-resident Indians (NRIs). The platform provides remittance services with Google exchange rates. It enables transfers from five countries, including the UK, UAE, and Germany, and claims to have processed over $2 billion, saving users more than Rs 150 crore ($17.5 million) in foreign exchange fees. According to Aspora, it is regulated by the Financial Conduct Authority (FCA) in the UK and works with banks governed by the Reserve Bank of India (RBI). Founded in 2022 by Parth Garg, Aspora was part of Y Combinatorโ€™s Winter 2022 batch and recently underwent a rebranding exercise. The company raised $5.8 million in its seed round led by Hummingbird Ventures with participation from Global Founders Capital, Y Combinator, Soma Capital and angels such as Alan Rutledge and Gokul Rajaram.

Rupeeflo raises $1 Mn from Piper Serica

EntrackrEntrackr ยท 4m ago
Rupeeflo raises $1 Mn from Piper Serica
Medial

Rupeeflo raises $1 Mn from Piper Serica Fintech startup Rupeeflo has raised $1 million in funding in a pre-seed round led by Piper Serica Angel Fund. Fintech veterans including Ravi Shankar (co-founder of Active AI), Kishore Natarajan, and Kedar Kulkarni (co-founder of Hyperverge) also participated in the maiden round. Rupeeflo will use the funding to roll out a full-stack NRI investment platform, introduce instant UPI access, and expand its global presence. Founded in 2024 by Dharmendra Maurya, Ashish Jha, and Manav Bharambe, Rupeeflo streamlines banking and investing for NRIs in India. Starting with the U.S. and U.K., it aims to expand across global NRI hubs. With Rupeeflo, NRIs can now digitally apply for an NRE/NRO account in less than 10 minutes and have easy and paperless access to stock markets, mutual funds, and index funds without regulatory headaches. โ€œWe see this as one of the biggest untapped opportunities in fintech. In the USA alone, NRIs have over $300 billion in low-yield savings overseas because investing in India has been too complex. We are fixing the problem so that they can participate in India's future instead of just watching from the sidelines,โ€ said Ashish Jha. Piper Serica is an asset manager investing in Indiaโ€™s public and private markets. It manages a SEBI-registered PMS, advises a Mauritius-based offshore fund, and runs the Piper Serica Angel Fund for early-stage startups, overseeing over Rs 1,000 crore in assets.

FincFriends closes $11.5 Mn debt funding round

EntrackrEntrackr ยท 8d ago
FincFriends closes $11.5 Mn debt funding round
Medial

FincFriends, a non-banking financial company (NBFC), has secured Rs 98.5 crore ($11.5 million) in debt funding during Q4 FY25. The funding round includes Rs 54.5 crore raised from NBFCs and Rs 44 crore via Non-Convertible Debentures (NCDs). It saw the participation of investors such as IBL Finance, Incred Financial Services, Real Touch Finance, Shine Star Build-Cap, and Western Capital Advisors Private Limited. This funding aims at scaling its reach, operations and introducing new personal credit offerings tailored to the underserved borrowers with limited access to formal financial services, FincFriends said in a press release. FincFriends says that RupeeRedee plays a pivotal role in advancing credit access and creating a financially inclusive ecosystem. With state-of-the-art technology and data-driven insights, it continues to bridge the credit gap for underserved segments. Moreover, with the financial expansion of its lending partner FincFriends, it further plans to empower the borrowers and scale digital innovation in the lending ecosystem. โ€œThis funding marks a strategic milestone in our journey to enable accessibility of responsible credit across India. With the valuable trust of our investors, we are positioning our brand to deepen our reach, strengthen fintech infrastructure and develop personalised credit solutions to address the financial realities of underserved communities,โ€ said Artem Andreev, CEO of FincFriends. Launched in 2017, FincFriends is dedicated to delivering financing solutions and providing loans to end customers through a completely digital and secure process. It focuses on ensuring that individuals can easily access hassle-free cash to manage unexpected financial expenses.

Startup news and updates: Daily roundup (September 25, 2024)

YourStoryYourStory ยท 9m ago
Startup news and updates: Daily roundup (September 25, 2024)
Medial

Bread brand The Health Factory has secured $3.5m in seed funding led by Peak XVโ€™s Surge. The investment will enable the company to expand its reach and disrupt additional markets with its health-focused offerings. The Health Factory plans to use the funding to broaden its retail presence and enhance logistics and operational technologies. Proptech firm Flent has raised INR6.5 crore ($880,000) in a pre-seed round led by WEH Ventures to simplify the renting experience for Indiaโ€™s young professionals. Flent's flagship product, Flent Reserve, offers fully furnished designer homes with zero brokerage and flexible terms. Meanwhile, gaming company KRAFTON India has opened applications for the second cohort of its KRAFTON India Gaming Incubator (KIGI) programme. KIGI aims to incubate 6-10 new teams and offers financial support and mentorship to selected teams.

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