S’pore fintech startup Aspire raises $100 million in Series C round

Aspire, dubbed the “financial operating system (OS) for enterprises,” announced today (Feb. 14) that it has closed an oversubscribed Series C funding round, raising $100 million from a group of investors that includes Lightspeed, Sequoia Capital SEA, Paypal Ventures, LGT Capital Partners, Picus Capital and Mass Mutual Ventures.

Founded in 2018, Aspire has grown in popularity in Southeast Asia, with its platform offering businesses a range of financial services, including international payments, corporate cards, payment and receivables management and other services, all accessible through a single, easy – to use account.

The company’s recent tripling of annual payment volume, exceeding USD 12 billion, has confirmed its growing appeal across the region, and this latest round of funding will allow Aspire to expand its product offering and regional presence, while increasing its workforce to continue its industry innovations.

We are excited to partner with world-class investors to bring finance back into the driver’s seat of new era businesses in SEA. From delivering real-time financial data, to fast and transparent cross-border payments, to providing business teams with world-class capacity management to move fast and move right, we look forward to empowering every modern business, big or small, with the right financial tools to realize their full potential.

– Andrea Baronchelli, Aspire co-founder and CEO

Fuel growth in SEA

The funds will be used to expand Aspire’s offer and strengthen its presence in the market. The company has emerged as a leader in the B2B fintech space in SEA, providing an end-to-end business finance management product.

The new funding round will allow Aspire to continue its growth trajectory and secure its position as a leading B2B fintech in Southeast Asia. The company is well positioned to do so, having raised nearly US$200 million in previous funding rounds, as well as building its customer base to include over 15,000 businesses in the region.

Aspire’s expansion plans include adding more talent across the region to help build the technology ecosystem, ensure its business model has best-in-class unit economics, and further enhance its product offering.

Aspire also addresses the need for financial inclusion in the region, where many small businesses lack access to banking services and financial products. By offering a unified suite of corporate financial services, Aspire can help entrepreneurs and startups access the same financial tools and services available to larger companies.

As the Southeast Asian economy continues to grow, there is a growing need for fintech services to help businesses manage their finances and succeed. Aspire is positioning itself to be a leading player in the region, offering businesses the financial tools they need to achieve their full potential, and the recent funding round confirms the company’s potential for growth.

Featured Image Credit: Aspire