▼ Summary
– Aspora is launching a bill payment feature for NRIs to pay utility bills and recharge mobile plans for family in India, simplifying a previously complex process.
– The startup integrates with India’s Bharat Bill Payment System via Yes Bank, enabling payments to over 22,000 billers including electricity, broadband providers, and loan payments.
– Aspora offers these bill payments with no fees and the best exchange rates, allowing users to pay directly in foreign currency.
– The feature is currently available in the UK, with plans to expand to the U.S. and UAE, and has been tested positively with mobile recharges as a key use case.
– Aspora, backed by Sequoia and other investors, has raised over $99 million, serves 800,000 customers, and plans to launch NRE and NRO accounts next year.
For millions of Non-Resident Indians, managing household expenses back home has long involved cumbersome workarounds and hidden costs. Aspora, a Sequoia-backed fintech platform, is tackling this challenge directly by introducing a bill payment feature that allows the Indian diaspora to settle utility bills and mobile recharges for family in India with ease and transparency.
Previously, NRIs faced limited options: transferring funds to an Indian bank account and having a relative handle payments, or attempting to use foreign credit cards, a method often plagued by steep fees and frequent transaction failures. Aspora’s integration with India’s Bharat Bill Payment System (BBPS) via Yes Bank’s domestic pipeline now enables direct payment to over 22,000 billers. This includes major electricity distributors like BSES and BESCOM, telecom giants such as Jio and Airtel, and loan repayments for leading banks.
The service is offered without any processing fees, and users benefit from competitive foreign exchange rates, paying bills directly in their local currency. Aspora’s founder and CEO, Parth Garg, emphasized that the platform eliminates the complexity, delays, and duplicate charges that have long frustrated overseas Indians. He noted that while bill payments might slightly reduce traditional remittance volumes, by an estimated 4% to 5%, the feature is expected to build lasting user loyalty.
Garg explained that increasing transaction frequency is a strategic goal for modern digital banks. Where remittance services might see monthly usage, bill payments encourage more regular app engagement, boosting overall platform activity. After a successful trial period with several thousand users, where mobile recharges emerged as a popular use case, the feature is now available to customers in the UK, with plans to expand to the United States and United Arab Emirates shortly.
For transactions not supported by BBPS, such as international mobile top-ups, Aspora has partnered with Ding, a global mobile recharge provider, to ensure comprehensive service coverage. The company’s recent $50 million Series B funding round, led by Sequoia Capital and joined by Greylock, Hummingbird, Quantum Light Ventures, and Y Combinator, valued the startup at $500 million. To date, Aspora has raised over $99 million.
Having launched services in the crucial U.S. market this past July, a region responsible for nearly 28% of India’s inbound remittances, Aspora now serves 800,000 customers. These users have collectively transacted $4 billion through the platform, saving an estimated $25 million in transfer fees. Looking ahead, the fintech plans to introduce Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts next year, enabling users to manage both foreign income and India-earned revenue seamlessly.
(Source: TechCrunch)
