Aspora Raises $50M Series B to Redefine NRI Banking

077 - Industry Insight IB (TMT)

The TMT sector is fundamentally transforming, propelled by AI-driven hyper-personalization, cultural relevance, and digital identity, marking a shift from generalized tech to hyper-personal infrastructure. This is exemplified by companies like fashion-tech startup Alta, which secured $11 million to launch a virtual styling platform, and fintech firm Aspora (formerly Vance), which raised a $50 million Series B round to scale its full-stack financial platform, rapidly growing annual remittance volumes from $400 million to $2 billion by addressing immigrant-specific needs. Beyond these personalized innovations, recent TMT market trends highlight significant confidence in AI monetization, with 80% of organizations expecting generative AI to boost their top line by over 10%, alongside an acceleration in M&A activity, evidenced by over 300 TMT transactions since the start of 2024, even as some primary TMT prices slide due to slower demand. This reflects the sector's drive towards both highly tailored solutions and robust foundational infrastructure

AI Fashion Tech Gets a Makeover as Alta Raises $11M to Launch Virtual Styling Platform

The consumer AI landscape is entering a new era of practical, design-forward innovation, where artificial intelligence no longer serves just enterprise needs, but deeply personal ones. Nowhere is this more evident than in the fashion-tech space, where personalization, machine learning, and digital identity are converging. Jenny Wang, a Harvard-trained engineer and veteran of the tech and venture world, has long envisioned an AI-powered personal stylist. That vision becomes reality with Alta, a next-generation platform that reimagines how people get dressed, shop, and express themselves. Inspired by the digital wardrobe from Clueless and equipped with technology once out of reach, Alta empowers users to dress with intention, based on real-time inputs like their calendar, budget, lifestyle, and even weather. Following its official launch, Alta has secured $11 million in seed funding led by Menlo Ventures, drawing support from fashion royalty, tech insiders, and Silicon Valley powerhouses.

● Alta’s platform acts as a virtual stylist and shopper, using AI to generate lookbooks and outfit suggestions based on user-inputted wardrobe items and contextual needs like events or weather.

● Users can upload their closets through photos, digital receipts, or Alta’s internal database, then visualize new or existing items on personalized avatars.

● Key investors include Menlo Ventures, LVMH-backed Algaé Ventures, the Anthology Fund from Anthropic, and high-profile angels such as DoorDash CEO Tony Xu, Karlie Kloss, Jasmine Tookes, and Manish Chandra of Poshmark.

● Alta’s fashion engine was trained with the guidance of Meredith Koop—best known as Michelle Obama’s stylist—infusing the platform with real-world fashion insight and taste-level precision.

● The company is already building global momentum, partnering with the Council of Fashion Designers of America (CFDA) and planning expansion into Europe and Oceania with help from LVMH and Marie Kondo.

● Alta joins a rising class of NYC-based consumer AI companies focused on building delightful, technically rigorous products. For Wang, Alta is more than a tool—it’s the realization of a decade-long dream to make fashion smarter, more inclusive, and profoundly personal.

Aspora Raises $50M Series B to Redefine NRI Banking, Eyes $160B Remittance Opportunity

India has held the crown as the world’s largest recipient of remittances for over a decade, and the market shows no sign of slowing down. With inflows nearly doubling from $55.6 billion in 2010-11 to a projected $160 billion by 2029, the need for tailored, tech-forward financial products for the Indian diaspora is more urgent than ever. Enter Aspora—a fintech startup on a mission to reinvent financial access for non-resident Indians (NRIs), starting with a smooth, digital-first remittance experience. Formerly known as Vance, the startup is building what it calls a verticalized financial stack for NRIs—from money transfers to mutual fund investing to health solutions for aging parents. After quietly raising a $35 million Series A last December, Aspora is now making headlines with a $50 million Series B, valuing the company at $500 million. The round, co-led by Sequoia and Greylock, puts the total capital raised at $99 million.

● Aspora has grown annual remittance volume 6x—from $400 million to $2 billion in under a year—using flat fees, competitive exchange rates, and a sleek UX tailored to the diaspora.

● The startup’s user base is largely self-serving: 80% of customers send money back to their own Indian accounts for wealth-building, not just family support.

● Investors from both Series A and B include Sequoia, Greylock, Y Combinator, Hummingbird Ventures, Quantum Light Ventures, and Global Founders Capital.

● Aspora plans to expand into major corridors, including the U.S. (launching next month), followed by Canada, Singapore, and Australia by year’s end.

● New products launching in 2025 include bill pay (June), foreign-currency fixed deposits (July), and a streamlined NRI banking account (Q4), along with health coverage and concierge care for elderly parents in India.