May 30, 2023

Tricia Oak

Business & Finance Excellency

Aspire Raises $100M to Expand Finance Platform

Aspire has elevated $100 million in a Series C spherical to increase its all-in-just one finance functioning program for enterprises.

The Singapore-dependent company reported in a Tuesday (Feb. 14) press launch that it will use the new funds to maximize its group, enrich its product presenting and grow its presence in Southeast Asia.

Its Collection C funding round included investments from Lightspeed, Sequoia Capital SEA, PayPal Ventures, LGT Money Companions and present backers Picus Funds and MassMutual Ventures, in accordance to the launch.

“Aspire has emerged as a chief in the B2B FinTech space in Southeast Asia, with a total end-to-conclude solution for controlling organization finance, a powerful keep track of report of development and sound fundamentals,” Lightspeed Husband or wife Bejul Somaia claimed in the release.

PYMNTS study has identified that approximately one-third of smaller- to medium-sized businesses (SMBs) would be fascinated in working with an all-in-one payment system to receive payments.

These platforms can address lots of of SMBs’ accounts payable (AP) and accounts receivable (AR) problems — which include inefficiencies and soreness factors when making and obtaining B2B payments — according to “The AP/AR Swift-Start Information: Lowering B2B Payments Friction for SMBs,” a PYMNTS and Plastiq collaboration.

Aspire’s unified suite of fiscal solutions for organizations consists of global payments, company playing cards, and AP and AR management, in accordance to the release.

The business serves 15,000 startups and SMBs in Southeast Asia and at the moment handles annualized complete payment volumes of $12 billion, the launch mentioned.

“From offering true-time economic info, to speedy and transparent cross-border payments, to empowering small business teams with earth-class shell out management capabilities to go rapidly and shift correct — we appear forward to empowering each and every modern-day business enterprise, massive or compact, with the suitable financial tools to notice their complete prospective,” Aspire Co-founder and CEO Andrea Baronchelli explained in the release.

Aspire’s funding round arrives about a year after Indonesian banking and digital finance system Akulaku acquired a $100 million expense to help it carry on its growth across Southeast Asia.

Akulaku mentioned at the time that it already had a presence in Indonesia, the Philippines and Malaysia and was founded to give underserved consumers in rising marketplaces access to digital banking, electronic financing, digital financial commitment and insurance coverage brokerage companies.

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