Aspire Closes 1,5 Trillion Rupiah Series C Round Led by Lightspeed and Sequoia SEA

Singapore-based neobank startup Aspire announced it has completed a $100 million (over 1,5 trillion Rupiah) Series C round of funding. The round was led by Lightspeed Venture Partners and Sequoia Capital Southeast Asia, with participation from PayPal Ventures, LGT Capital Partners, and previous investors Picus Capital and Mass Mutual Ventures.

The previous round announced the company in September 2021 of $158 million, divided into $58 million in equity and $100 million in debt.

Fresh funds will be used as ammunition to complete product services in order to take a position as a player fintech The dominant B2B in Southeast Asia, added teams to continue to innovate, while maintaining the financial soundness of the company's business model.

“Fundraising in this climate is not easy, especially for space fintech. This milestone is a testament to our product and durability. I am very proud of the team for their hard work and vision for making this achievement possible,” said Aspire Co-founder and CEO Andrea Baronchelli in a post on the website. LinkedIn, quoted on Tuesday (14/2).

In description official, Baronchelli said that Aspire has a mission to provide a financial platform to maximize the potential of every company in Southeast Asia, both for large and small companies. Starting from the report on the company's financial condition real-time, fast and transparent international transfer services, to comprehensive cost management to help businesses make strategic decisions.

"We are thrilled to have the opportunity to partner with a leading investor to give modern businesses in Southeast Asia complete control over their finances," said Baronchelli.

Lightspeed partner Bejul Somaia said, "Aspire has emerged as a leading player in Southeast Asia's B2B fintech sector with end-to-end comprehensive product line, strong growth record, and solid foundation. We are excited to partner with this global team to support their vision for the future of financial services in Southeast Asia."

Aspire was founded in 2018 to focus on providing financial services to make it easier to manage business operational finances. Software Aspire is a platform all-in-one for various business financial service needs such as international transfers, corporate cards, debt management, receivables and expense management, which can be accessed through one easy-to-use account.

It is claimed that its business development in Southeast Asia continues to grow with the addition of an annual volume of transactions processed up to three times to $ 12 billion originating from more than 15 thousand clients. Aspire itself is now present in Indonesia, Singapore, Vietnam and India, has more than 400 employees.

Quote from TechCrunch, Baronchelli said that Aspire focuses on new-age businesses where purchasing decisions are increasingly driven by UX and usability, from one employee to more than 500 employees. Its users come from various sectors, ranging from IT companies, professional services, goods businesses and startups.

Most users use the Aspire solution for payment accounts, multi-currency management, accounts payable and accounts receivable management. Previously, in fulfilling these obligations, users used a combination of solutions from existing financial institutions, with Microsoft Excel or some fintech providers for cards, credit spending management.

“But these systems don't talk to each other. We have combined all business needs under one financial operation stack for business. Aspire integrates seamlessly with Xero, QuickBook, NetSuite, Accurate, Journal, and other major accounting software."