Aspora, a global fintech serving the Indian diaspora, is establishing its European Union base in Vilnius. The move gives the fast-growing group its first regulated foothold in the EU and places its leadership, including its CEO and management board, and all lines of business in Lithuania, where the team is prepared to grow to up to 100 people over the next three years.

Founded in 2021 and originally launched as Vance, the group rebranded to Aspora – a name derived from the word “diaspora” – as it scaled. The company provides cross-border payments for the global Indian diaspora – people living, working and studying abroad who regularly send money home. What began as a single remittance product has grown into a regulated financial group operating across several countries and product lines. Today Aspora serves more than 1 million users and employs over 200 people across offices in Lithuania, the UK, the US, Canada, Singapore, the UAE and India. The venture-backed group has raised around USD 98 million to date and has facilitated billions of USD in cross-border transfers.

Aspora has been approved to acquire a Lithuanian-licensed electronic money institution (EMI), which will become the group’s first regulated base in the EU. With the change-of-control process now underway and preparations for launch actively progressing, the licence will allow Aspora to serve customers across the EU and EEA.