Aspire, a Singapore-based neobank serving SMBs and startups in Southeast Asia, has raised $100m in a Series C funding round.
The round saw participation from Lightspeed and Sequoia Capital SEA, Paypal Ventures, LGT Capital Partners and existing backers Picus Capital and Mass Mutual Ventures.
Founded in 2018, Aspire offers businesses a unified suite of financial services including international payments, corporate cards, payable and receivable management, accessible via a single, user-friendly account.
The company said it has quickly gained popularity in Southeast Asia, and recently tripled its annualized total payment volumes from over 15,000 businesses across the region.
The company said it will use the funding to enhance its product offering further and expand its regional presence, while increasing its team to continue to innovate in the space.
In 2023 the company plans to add more talent across the region and help further, build the SE-Asia tech ecosystem while maintaining a solid business model with best-in-class unit economics.
Andrea Baronchelli, Aspire co-founder and CEO, said, “We are excited to partner with world-class investors to bring finance back to the driving seat of new age businesses in Southeast Asia.
“From delivering real-time financial data, to fast and transparent cross-border payments, to empowering business teams with world-class spend management capabilities 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.”
Bejul Somaia, Partner at Lightspeed, added, “Aspire has emerged as a leader in the B2B fintech space in Southeast Asia, 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 world-class team to support their vision for the future of financial services in the region”.
Last year, Singapore-based neobank Stashfin reportedly received $270m in a funding round comprising debt and equity.
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