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NRI-focused fintech Aspora closes $53M round to broaden reach
YourStory
·
1m ago
Medial
Aspora, a fintech startup focused on serving the Indian diaspora, has secured $53 million in a Series B funding round led by Sequoia Capital and Greylock. The London-based company aims to expand its financial services into new markets like the US, Canada, Australia, and Singapore. Founded in 2022, Aspora provides fee-free remittance services and seeks to offer a comprehensive financial platform for immigrants. Currently, it serves over 250,000 users, primarily in the UAE.
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Sequoia and Greylock lead $50 Mn round in Aspora
Entrackr
·
1m ago
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 Combinator’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.
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Applying for a home loan in India? Here is what NRIs need to know
Money Control
·
10m ago
Medial
NRIs (non-resident Indians) are increasingly investing in residential properties in India. The NRI real estate investment rose from 10% in 2023 to 15% and is expected to reach 20% by 2025. This surge is driving up the demand for NRI home loans. When applying for an NRI home loan, there are certain factors to consider, including higher interest rates, property eligibility, eligibility criteria, repayment sources, prepayment options, and required documentation. Proper planning and understanding of the process can help NRIs navigate and achieve their dream of owning a home in India.
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Higharc Raises $53M in Series B Funding
Finsmes
·
1y ago
Medial
Durham-based Higharc has secured $53 million in Series B funding to expand its cloud platform for homebuilding operations. The funding round was led by Spark Capital and Pillar VC, with participation from various investors including Schneider Electric's Venture Arm and home improvement retailer Home Depot. Higharc's platform, called The Homebuilding Cloud, facilitates design, sales, and construction of new homes. The company plans to utilize the funds to enhance its automated materials estimating and generative AI-based workflows.
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Andreessen Horowitz Leads $53M Series A for Health Dat
deepnewz
·
1y ago
Medial
Venture capital firm Andreessen Horowitz (a16z) has led a $53 million Series A funding round for Function, a health data integration startup. Function aims to integrate individual health data with global health knowledge, with the ultimate goal of improving health outcomes and enabling people to live up to 100 healthy years. The funding round includes notable backers such as Dr. Mark Hyman and Seth Weisfeld, and Vijay Pande from a16z emphasized the potential of AI in enhancing healthcare quality, cost, and access. The a16zBioHealth team is excited to support Function in its mission.
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Rupeeflo raises $1 Mn from Piper Serica
Entrackr
·
5m ago
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. “We 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,” said Ashish Jha. Piper Serica is an asset manager investing in India’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.
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Zulu Defence Systems, Paytring secure early-stage funding
VCCircle
·
1y ago
Medial
Zulu Defence Systems, a deeptech startup focused on defence systems, has secured $750,000 in seed funding. The round was led by Finvolve and saw participation from India Accelerator and undisclosed investors. Zulu Defence Systems aims to expand globally with the funding. Meanwhile, fintech startup Paytring has raised an undisclosed amount in a pre-seed funding round led by Unlimit. Paytring provides a no-code solution for payment collection, integrating various payment providers and acquirers to improve efficiency and reduce costs. The funding will be used for product development and expanding market reach.
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How GrayQuest’s family office backers are sitting on an upside as it closes Series B round
VCCircle
·
6m ago
Medial
GrayQuest, a fintech company offering digital financial solutions for the education sector, has raised $9.3 million (approximately Rs 80 crore) in a Series B equity funding round. The investment was led by IIFL Fintech Fund and Claypond Capital, the family office of Manipal Group. This latest funding round provides an opportunity for GrayQuest’s family office backers to potentially benefit from their investment as the company continues its growth trajectory.
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FincFriends closes $11.5 Mn debt funding round
Entrackr
·
1m ago
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. “This 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,” 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.
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How CodeMate Aspires To Become The Grammarly Of Coding
Inc42
·
1y ago
Medial
Noida-based startup CodeMate is offering developers a suite of tools to assist in writing, fixing, and maintaining codebases. Founded in 2022, the company initially focused on solving the challenge of fixing errors within the software development ecosystem. CodeMate's tech stack includes a debug code feature for analysis and error fixing, a refactor code functionality to eliminate redundant sections, and integration with Git repositories. The startup aims to broaden its reach by serving small and medium enterprises and plans to release proprietary models optimized for running on machines without GPU support.
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Startup news and updates: Daily roundup (September 25, 2024)
YourStory
·
10m ago
Medial
Bread brand The Health Factory has secured $3.5m in seed funding led by Peak XV’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 India’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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