Aspire Collectively Raises USD 100M From Venture Capitalists

Aspire recently announced that its Series C round had been oversubscribed. Lightspeed and Sequoia Capital SEA, Paypal Ventures, LGT Capital Partners, and existing backers Picus Capital and Mass Mutual Ventures all contributed US$100 million to the round.

Aspire, which was founded in 2018, provides businesses with a unified suite of financial services, including international payments, corporate cards, and payable and receivable management, all accessible through a single, easy-to-use account. It has quickly gained traction in Southeast Asia, recently tripling annualised total payment volumes from over 15,000 businesses in the region to US$12 billion.

“We are excited to partner with world-class investors to bring finance back to the driving seat of new age businesses in Southeast Asia,” said Andrea Baronchelli, Aspire Co-founder and CEO. “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 realise their full potential.”

Aspire plans to 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.

“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,” said Bejul Somaia, Partner at Lightspeed. "We are excited to partner with this world-class team to support their vision for the future of financial services in the region”.

Aspire is well-positioned to continue its growth trajectory and cement its position as a leading B2B fintech in the rapidly growing Southeast Asian economy with the new round of funding. In 2023, the company intends to add more talent across the region and contribute to the further development of the Southeast Asia tech ecosystem while maintaining a solid business model with best-in-class unit economics.