Aspora, a US-based fintech company, has acquired a controlling stake in UAB Hokodo, a Lithuanian electronic money institution. The Bank of Lithuania approved the acquisition, which gives Aspora more than 50% of Hokodo's share capital and voting rights. Aspora provides cross-border financial services to customers in the United States, United Kingdom, and United Arab Emirates. UAB Hokodo is licensed by the Bank of Lithuania and offers digital payment solutions. The acquisition supports Aspora's expansion in Europe and strengthens its position in the regulated financial services sector. Sorainen advised Aspora on the transaction, including legal due diligence, transaction structuring, and regulatory approvals.

Sequoia-backed fintech Aspora to introduce bill payment feature for Indian diaspora. Sequoia-backed fintech platform Aspora, which enables the Indian diaspora to send money back to India, is set to launch a new feature that allows users to pay bills. This means non-resident Indians (NRIs) can now pay utility bills or recharge their family members' mobile prepaid plans without any hassle. The startup has integrated with the Bharat Bill Payment System (BBPS) through Yes Bank's domestic pipeline, offering payment options for over 22,000 billers in India. This includes electricity providers, broadband companies, and major banks for loan payments. Aspora is not charging any fees for these bill payments and offers users the best exchange rates to make direct payments in foreign currency. Aspora founder and CEO Parth Garg mentioned in an interview with TechCrunch that this new feature will increase user engagement and create long-term loyalty. The startup has already seen positive results from testing this feature with a group of users and plans to expand it to the U.S. and UAE markets. Aspora, which raised $50 million in Series B funding led by Sequoia, has amassed 800,000 customers, processed $4 billion in transactions, and saved users $25 million in transfer fees. The company aims to introduce NRE and NRO accounts for managing foreign and domestic income next year.