Aspire Raises $158M Series B for Southeast Asian Financial OS

Aspire Secures $158 Million Series B Funding

Aspire, a Singapore-based neobank aiming to establish itself as a comprehensive financial operating system for Southeast Asian businesses, has announced a $158 million Series B funding round. This investment brings the company closer to realizing its ambitious goals.

Funding Details

The funding round comprised $58 million in equity and $100 million in debt. It was spearheaded by a global fintech growth equity investor who wishes to remain unnamed. Notable participants included DST Global Partners, CE Innovation Fund, B Capital Partners, and existing investors such as MassMutual Ventures, Picus Capital, AFG, and Hummingbird Ventures.

Fasanara Capital provided the debt financing for this round.

Angel Investor Participation

The round also saw contributions from angel investors connected to prominent fintech companies. These included Taavet Hinrikus, co-founder of Wise; Alexandre Prot and Steve Anavi, co-founders of Qonto; Pierpaolo Barbieri, founder of Uala; Moses Lo, co-founder of Xendit; Hendra Kwik, co-founder of Payfazz; and Gerry Colyer, co-founder of Clara.

Evolution of Aspire’s Services

Founded in 2018, Aspire initially focused on providing working capital loans to small and medium-sized enterprises (SMEs). However, the company quickly adopted a broader, multiproduct strategy.

Currently, Aspire’s offerings encompass bank accounts tailored for cross-border businesses, corporate cards, and automated invoice processing. These services are seamlessly integrated with financial management software.

Furthermore, the company facilitates company incorporation in Singapore through its service, Aspire Kickstart.

Growth and Transaction Volume

To date, over 10,000 businesses have opened accounts with Aspire. These accounts collectively process approximately $2 billion in transactions annually, representing a doubling of volume in just five months from May.

The Vision: Banking and Software Convergence

“Our objective is to bridge the gap between traditional banking services and software solutions,” explained Andrea Baronchelli, co-founder and CEO of Aspire, in an interview with TechCrunch. “Currently, these two areas operate in isolation.”

“We aim to move beyond the limitations of digital banking by creating an operating system where banking products and software coexist harmoniously, enhancing efficiency and functionality.”

Expansion Plans

Beyond its presence in Singapore, Aspire currently operates in Indonesia and Vietnam. The company is actively preparing for expansion into additional Southeast Asian markets, focusing on fulfilling all necessary regulatory requirements.

However, Baronchelli indicated that specific target markets will be revealed at a later date.

Addressing SME Needs

Research conducted by Aspire reveals that the average SME utilizes seven different providers for essential services. These include bank accounts, credit solutions, foreign exchange, invoice management, payroll, and accounting.

Aspire strives to become a single, comprehensive solution for SMEs, offering an end-to-end suite of services.

Most customers initially engage with Aspire when seeking their first business account or corporate card, subsequently adopting additional products as their businesses expand.

Attracting Established Businesses

For larger SMEs already possessing business accounts, Aspire seeks to attract them with value-added offerings, such as its expense management software and credit solutions.

Flexible Credit Options

Aspire’s credit cards and working capital loans typically range from $50,000 to $300,000. However, credit lines are adaptable to accommodate the evolving needs of growing businesses.

“We’ve designed our system to be flexible because our client base is inherently dynamic,” Baronchelli stated. “We avoid rigid limitations on amounts to support our clients’ growth trajectories.”

Differentiation and Future Development

Aspire distinguishes itself from other fintechs offering business accounts, like Volopay, Wise, and Revolut, through its commitment to building a complete end-to-end ecosystem.

Currently, the company is developing a payroll system to cater to clients with employees in multiple countries. It is also enhancing its invoice management tool to streamline payment reconciliation with account balances.