Obtaining a Series C round from several investors, Aspire proves its progress by recording the transaction value up to three times, or approximately worth US$12m annually.
Heaptalk, Jakarta — Singapore-based neo-bank for small and medium enterprises (SMEs) startup Aspire has completed an oversubscribed Series C funding round worth US$100 million.
Lightspeed Venture Partners and Sequoia Capital led this investment round, with participation from Paypal Ventures and LGT Capital Ventures. Existing investors, spanning Picus Capital and Mass Mutual Ventures, also pour the capital into this funding round.
Securing the latest capital injection, Aspire intends to tackle the new fund to enhance its product offering further to lead the position as the most dominant B2B fintech app in Southeast Asia and broaden its regional presence while magnifying the company’s team to continue innovating in the financial technology industry.
In response to this newest injection, Aspire’s Co-Founder and CEO, Andrea Baronchelli, reveals his excitement to partner with these leading investors to bring finance back to the driving seat of new-age business in Southeast Asia.
“From delivering real-time financial data to speedy and transparent cross-border payments, we aim to empower business teams with world-class spend management capabilities to move more quickly and adequately. Thus, we look forward to empowering every modern business, big or small, with the right financial tools to realize its filled potential,”
Cited in TechCrunch, Baronchelli affirmed the company would focus on the new-age businesses, whereby the purchasing determination is increasingly driven by UX and pertinence, from one employee to more than 500 workforces. These users come from diverse industries, covering IT companies, professional services, goods, and startup businesses.
Regarding its business operations progress in Southeast Asia, Aspire continues to spring up in terms of its annual transaction value, enhancing three times or approximately worth US$12 billion. The company noted this output comes from over 15,000 clients in the region. As recorded by the company, most of Aspire’s customers operate its solution offered for payment accounts, payables and receivables management, and multi-currency management.
“Aspire has emerged as a leader in Southeast Asia’s B2B fintech space, with a complete end-to-end product for managing business finance, a strong track record of growth, and solid fundamentals. We are excited to partner with this team to achieve their goals for the future of financial services in the region,” The Partner of Lightspeed, Bejul Somaia, said.
To date, Aspire startup has expanded its presence in Indonesia, Singapore, Vietnam, and India, with the number of employees over 400 people. In 2023, Aspire expects to enlarge the team to bolster the better financial technology services in the region.
Established in 2018, Aspire provides financial services to simplify users in managing business operations finances. This application is an all-in-one platform to fulfill several financial matters, including international transfer, corporate card, payable and receivable management, financing management, accounts payable and accounts receivable management, and expense management, which can be accessed through one easy-to-use account.
