Aspire Receives Funding of More than 455 Billion Rupiah, Presents Neobank Services for SMEs
Indonesia is believed to be able to contribute a significant number of users from the target
Startup developer of digital banking services (neobanks) "Aspire" today (01/8) announced that it has secured a series A funding of $32,5 million or equivalent to 455,4 billion Rupiah. Mass-Mutual Ventures SEA led this investment round, with the participation of Arc Labs and previous investors such as Y-Combinator, Hummingbird, Picus Capital.
Aspire is a startup from Singapore, but currently operates in various countries, including Thailand, Vietnam and Indonesia. The product itself works like a credit card (revolving line of credit). SMEs as their main target market, can register online. When approved, they will have an instant credit limit that can be used for various purposes.
"The fee is only charged to the amount of funds withdrawn or used for payment. Unlike one-time loans, the amount given must be used immediately. And there are also no annual membership or service fees," explained Aspire Indonesia's Head of Growth Donnie Silalahi.
These products are packaged in the AspireAccount service. Another benefit for SMEs is that it helps in managing the cash flow of the business. The features in it also allow businesses to receive payments virtually. Before the end of the year Aspire will soon release a business credit card product that can be connected to every account.
"The one Aspire is waking up to is marketplace banking infrastructure scalable by utilizing third party financial service providers. We carry out operations according to Indonesian law and work closely with our legal advisors to comply with the necessary provisions," said Donnie when asked about his company's compliance with regulatory authorities.
Aspire's target is to reach 100 thousand consumers from business circles. Indonesia is expected to be the majority contributor to this achievement.