Aspire, the Singapore-based neobank that wishes to grow to be the monetary working system for SMEs, has raised an oversubscribed $100 million Collection C spherical. Buyers included Lightspeed and Sequoia Capital SEA, together with Paypal, Tencent, LGT Capital Companions and returning traders.
TechCrunch final coated Aspire when it raised its Collection B in 2021. Based in 2018 to supply working capital loans for small to medium-sized companies, Aspire started providing extra companies, together with financial institution accounts for cross-border companies, company playing cards, payable and receivable administration and automatic bill processing related to monetary administration software program.
Co-founder and CEO Andrea Baronchelli says that over the previous 12 months, Aspire has tripled its annualized complete fee volumes to $12 billion, serving over 15,000 companies in Southeast Asa.
Baronchelli instructed TechCrunch that the startup focuses “totally on new age enterprise whose buy selections are pushed an increasing number of by UX and usefulness, from single director companies to 500+ worker.” This covers a variety of sectors, together with IT corporations, skilled companies, items companies and startups.
Most Aspire’s prospects use it for fee accounts, multi-currency administration, payable and receivables administration.
Earlier than switching to Aspire, Baronchelli stated prospects would “us a mixture of incumbent monetary establishments, Excel or a number of fintech suppliers for playing cards, spending administration credit score. However these techniques don’t discuss to one another, so easy but necessary issues like monetary approvals happen throughout a number of platforms with out a seen supply of fact. We now have bundled all of a enterprise’ wants underneath a single finance working stack for companies. Aspire built-in with Xero, Quickbook, Netsuite, Correct, Jurnal and different main accounting software program.
Aspire will use its lastest funding on product growth, regional growth and rising its group.
In an announcement in regards to the funding, Lightspeed parter Bejul Somaia stated, “Aspire has emerged as a pacesetter within the B2B fintech area in Southeast Asia, with a whole end-to-end product for managing enterprise finance, a powerful monitor report of progress, and stable fundamentals.
