Aspire closes an oversubscribed US$100mil Series C round

• Existing backers, Picus Capital & Mass Mututal Ventures participated in round
• Funds channeled towards enhancing product offerings, regional expansion

Singapore based fintech startup Aspire announced that it has closed an oversubscribed Series C round. 

In a statement the finance OS for businesses said this round saw Lightspeed and Sequoia Capital SEA, Paypal Ventures, LGT Capital Partners, and existing backers Picus Capital and Mass Mutual Ventures investing US$100 million (RM434 million).

It said the funds will be used to further enhance its product offerings and expand its regional presence, while expanding its team to continue to innovate in this space.

Andrea Baronchelli, Aspire co-founder and chief executive officer said the firm is 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,” he added.

Meanwhile, Bejul Somaia, partner at Lightspeed said, 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,” he added.

With the fresh round of funding, Aspire said it is well positioned to continue its growth trajectory and cement its position as a leading B2B fintech in the rapidly-growing Southeast Asian economy. 

It added that 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. 

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 claims to have tripled its annualised total payment volumes to US$12 billion (RM52 billion) from over 15,000 businesses across the region.