Sequoia to Back Indian Payments Startup Vance
Sequoia Capital is finalizing its first investment in India and the Asia Pacific region since separating from its former Indian and Southeast Asian unit (now Peak XV Partners) and its Chinese arm (now HongShan). The firm is in advanced discussions to lead a $30-$32 million funding round in Vance, a Bengaluru-based cross-border payments startup.
About Vance
Vance provides a financial services app catering to Indians living abroad. The app enables users to send money to India and invest in Indian stocks and mutual funds. The company processes close to $1 billion in annualized payments. Existing investors include Y Combinator and Hummingbird.
Sequoia's Strategic Move
This potential investment marks Sequoia's return to the Indian market after the strategic split. All three entities – Sequoia, Peak XV Partners, and HongShan – are expanding their investment horizons, with Peak XV establishing a U.S. presence and HongShan exploring opportunities in Europe and North Asia. This move underscores Sequoia's commitment to the Indian market despite the restructuring. For related news on investments and market dynamics, check out Zomato's recent funding round and Reddit's international growth strategy.
The Future of Cross-Border Payments
Vance's focus on cross-border payments taps into a growing market driven by increasing global mobility and digital finance adoption. This investment could signal Sequoia's confidence in the potential of fintech solutions like Vance to address the evolving needs of international money transfers and investment. For insights into other smartphone-related financial trends, see warnings about money mule scams.