Sequoia-backed fintech platform Aspora is revolutionizing how the Indian diaspora manages finances back home, launching a new feature that allows Non-Resident Indians (NRIs) to directly pay utility bills and recharge mobile plans for their families in India. This innovation means NRIs no longer need to navigate complex traditional methods to ensure their loved ones' bills are paid.
Previously, NRIs faced significant hurdles, often resorting to transferring funds to Indian accounts, relying on family members, or enduring high fees and payment failures when attempting to use foreign cards for direct payments. Aspora's new service aims to eliminate these frustrations, offering a seamless and efficient solution.
Aspora has integrated with India's comprehensive Bharat Bill Payment System (BBPS) through Yes Bank's domestic infrastructure. This integration grants access to over 22,000 billers across India, covering essential services like electricity providers such as BSES and BESCOM, broadband providers like Jio and Airtel, and loan repayments from major banks.
Crucially, Aspora is offering this service without any transaction fees, ensuring users benefit from optimal exchange rates when paying bills directly in foreign currency.
"For millions of Indians living overseas, paying bills in India has always been unnecessarily complex – involving transfers, delays, and double fees," stated Parth Garg, Aspora's founder and CEO, in a recent interview with TechCrunch. "Aspora has now solved this large-scale problem at the tap of a button."
While Garg acknowledges that direct bill payments might slightly reduce traditional remittances by 4-5%, he emphasizes the long-term strategic benefits. "The goal for any neobank today is to drive more transactions on your app," Garg explained. "While remittances typically lead to one or two monthly uses, this new bill payment system significantly increases platform velocity and user engagement."
Aspora has been piloting the feature with thousands of users for several weeks, reporting positive results, particularly for mobile recharges. Recognizing that BBPS doesn't cover all categories like mobile top-ups for foreign payers, Aspora has partnered with international mobile recharge provider Ding to bridge this gap. Currently available to UK customers, the service is slated for rapid expansion to the U.S. and UAE markets.
This launch follows a significant Series B funding round in June, where Aspora secured $50 million at a $500 million valuation, led by Sequoia. With contributions from Greylock, Hummingbird, Quantum Light Ventures, and Y Combinator, Aspora's total funding now exceeds $99 million. The company expanded its services to the U.S. market in July, strategically targeting India's largest inward remittance source, which accounts for nearly 28% of the market share, as per the country's central bank data.
Aspora currently serves 800,000 customers, facilitating $4 billion in transactions and saving users an estimated $25 million in transfer fees. Looking ahead, Aspora plans to introduce NRE (Non-Resident External) accounts for managing foreign income and NRO (Non-Resident Ordinary) accounts for income earned in India, further broadening its financial offerings next year.
