India has been one of the top recipients of remittances in the world for more than a decade. Inward remittances jumped from $55.6 billion in 2010-11 to $118.7 billion in 2023-24, according to data from the country’s central bank. The bank projects that figure will reach $160 billion in 2029. This means there is an increasing market for digitalized banking experiences for non-resident Indians(NRIs), ranging from remittances to investing in different assets back home. Aspora (formerly Vance) is trying to build a verticalized financial experience for the Indian diaspora by keeping convenience at the center. While a lot of financial products are in its future roadmap, the company currently focuses largely on remittances. “While multiple financial products for non-resident Indians exist, they don’t know about them because there is no digital journey for them. They possibly use the same banking app as residents, which makes it harder for them to discover products catered towards them,” Garg said. In the last year, the company has grown the volume of remittances by 6x — from $400 million to $2 billion in yearly volume processed. With this growth, the company has attracted a lot of investor interest. It raised $35 million in Series A funding last December — which was previously unreported — led by Sequoia with participation from Greylock, Y Combinator, Hummingbird Ventures, and Global Founders Capital. The round pegged the company’s valuation at $150 million. In the four months following, the company tripled its transaction volume, prompting investors to put in more money. The company announced today it has raised $50 million in Series B funding, co-led by Sequoia and Greylock, with Hummingbird, Quantum Light Ventures, and Y Combinator also contributing to the round. The startup said this round values the company at $500 million. The startup has raised over $99 million in funding to date. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | July 15 REGISTER NOW After pivoting from being Pipe.com for India, the company started by offering remittance for NRIs in the U.K. in 2023 and has expanded its presence in other markets, including Europe and the United Arab Emirates. It charges a flat fee for money transfer and offers a competitive rate. Now it also allows customers to invest in mutual funds in India. The startup markets its exchange rates as “Google rate” as customers often search for currency conversion rates, even though they may not reflect live rates. The startup is also set to launch in the U.S., one of the biggest remittance corridors to India, next month. Plus, it plans to open up shop in Canada, Singapore, and Australia by the fourth quarter of this year. Garg, who grew up in the UAE, said that remittances are just the start, and the company wants to build out more financial tools for NRIs. “We want to use remittances as a wedge and build all the financial solutions that the diaspora needs, including banking, investing, insurance, lending in the home country, and products that help them take care of their parents,” he told TechCrunch. He added that a large chunk of money that NRIs send home is for wealth creation rather than family sustenance. The startup said that 80% of its users are sending money to their own accounts back home. In the next few months, the company is launching a few products to offer more services. This month, it plans to launch a bill payment platform to let users pay for services like rent and utilities. Next month, it plans to launch fixed deposit accounts for non-resident Indians that allow them to park money in foreign currency. By the end of the year, it plans to launch a full-stack banking account for NRIs that typically takes days for users to open. While these accounts can help the diaspora maintain their tax status in India, a lot of people use a family member’s account because of the cumbersome process, and Aspora wants to simplify this. Apart from banking, the company also plans to launch a product that would help NRIs take care of their parents back home by offering regular medical checkups, emergency care coverage, and concierge services for other assistance. Besides global competitors like Remittly and Wise, the company also has India-based rivals like Abound, which was spun off from Times Internet. Sequoia’s Luciana Lixandru is confident that Aspora’s execution speed and verticalized solution will give it an edge. “Speed of execution, for me, is one of the main indicators in the early days of the future success of a company,” she told TechCrunch over a call. “Aspora moves fast, but it is also very deliberate in building corridor by corridor, which is very important in financial services.”

Meta is reportedly set to invest $15 billion to acquire a 49% stake in Scale AI, in a deal that would make Scale CEO Alexandr Wang head of the tech giant’s new AI unit dedicated to pursuing “superintelligence.”Scale AI, founded in 2016, is a leading data annotation firm that hires workers around the world to label or create the data that is used to train AI systems.The deal is expected to greatly enrich Wang and many of his colleagues with equity in Scale AI; Wang, already a billionaire, would see his wealth grow even further. For Meta, it would breathe new life into the company’s flagging attempts to compete at the “frontier” of AI against OpenAI, Google, and Anthropic.However, Scale’s contract workers, many of whom earn just dollars per day via a subsidiary called RemoTasks, are unlikely to benefit at all from the deal, according to sociologists who study the sector. Typically data workers are not formally employed, and are instead paid for the tasks they complete. Those tasks can include labeling the contents of images, answering questions, or rating which of two chatbots’ answers are better, in order to teach AI systems to better comply with human preferences.(TIME has a content partnership with Scale AI.)“I expect few if any Scale annotators will see any upside at all,” says Callum Cant, a senior lecturer at the University of Essex, U.K., who studies gig work platforms. “It would be very surprising to see some kind of feed-through. Most of these people don’t have a stake in ownership of the company.”Many of those workers already suffer from low pay and poor working conditions. In a recent report by Oxford University’s Internet Institute, the Scale subsidiary RemoTasks failed to meet basic standards for fair pay, fair contracts, fair management, and fair worker representation.Advertisement“A key part of Scale’s value lies in its data work services performed by hundreds of thousands of underpaid and poorly protected workers,” says Jonas Valente, an Oxford researcher who worked on the report. “The company remains far from safeguarding basic standards of fair work, despite limited efforts to improve its practices.”The Meta deal is unlikely to change that. “Unfortunately, the increasing profits of many digital labor platforms and their primary companies, such as the case of Scale, do not translate into better conditions for [workers],” Valente says.A Scale AI spokesperson declined to comment for this story. “We're proud of the flexible earning opportunities offered through our platforms,” the company said in a statement to TechCrunch in May. Meta’s investment also calls into question whether Scale AI will continue supplying data to OpenAI and Google, two of its major clients. In the increasingly competitive AI landscape, observers say Meta may see value in cutting off its rivals from annotated data — an essential means of making AI systems smarter. Advertisement“By buying up access to Scale AI, could Meta deny access to that platform and that avenue for data annotation by other competitors?” says Cant. “It depends entirely on Meta’s strategy.”If that were to happen, Cant says, it could put downward pressure on the wages and tasks available to workers, many of whom already struggle to make ends meet with data work.A Meta spokesperson declined to comment on this story.

In Brief Posted: 11:46 AM PDT · June 14, 2025 Image Credits:Matthias Balk/picture alliance / Getty Images Google reportedly plans to cut ties with Scale AI Meta’s big investment in Scale AI may be giving some of the startup’s customers pause. Reuters reports that Google had planned to pay Scale $200 million this year but is now having conversations with its competitors and planning to cut ties. Microsoft is also reportedly looking to pull back, and OpenAI supposedly made a similar decision months ago, although its CFO said the company will continue working with Scale as one of many vendors. Scale’s customers include self-driving car companies and the U.S. government, but Reuters says its biggest clients are generative AI companies seeking access to workers with specialized knowledge who can annotate data to train models. Google declined to comment on the report. A Scale spokesperson declined to comment on the company’s relationship with Google, but he told TechCrunch that Scale’s business remains strong, and that it will continue to operate as an independent company that safeguards its customers’ data. Earlier reports suggest that Meta invested $14.3 billion in Scale for a 49% stake in the company, with Scale CEO Alexandr Wang joining Meta to lead the company’s efforts to develop “superintelligence.” Topics AI, Google, Meta, Scale AI