Aspora, a cross-border payments startup, on Monday said it has raised $53 million as part of its Series B funding round co-led by venture capital firms Sequoia Capital and Greylock Partners.

Quantum Light Ventures participated in the funding round, Aspora said in a statement.

The fresh capital takes the company's total equity fundraise across seed, Series A and Series B in the last 10 months to about $93 million.

The funding will help the company expand faster into new markets, develop innovative products and continue to build the financial infrastructure to serve the diaspora community, it said.

Aspora also said the company, beyond remittances, is building a financial ecosytem for diaspora communities.

"Our users will soon be able to bank seamlessly across multiple countries, invest in diverse asset classes, and access credit and insurance products designed for their cross-border lives," it noted.

Aspora, which was founded by Stanford dropout Parth Garg, was part of YCombinator's Winter 2022 batch. It had started as a recurring revenue-based financing platform and later pivoted to a cross-border neobanking platform. 

The company, prevoiusly known as Vance, had secured $5.8 million as part of its seed funding round led by Hummingbird Ventures in October 2022. In September last year, it raised $5 million followed by a $35 million Series A funding round led by Sequoia later last year.

"Aspora is bringing diaspora banking into the modern age, enabling many millions to participate in the growth stories of their home countries," said Luciana Lixandru, partner, Sequoia Capital.

The startup has moved its headquarters to London but has a physical presence in Bengaluru as well.

Earlier in February, another cross-border payments startup Dodo Payments bagged $1.1 million in pre-seed funding led by Antler, 9Unicorns and Venture Catalysts.