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Aspire, a Singapore-based neobank that seeks to become a financial operating system for SMEs, has raised a Series C round of over $100 million. Investors include Lightspeed and Sequoia Capital SEA along with Paypal, Tencent, LGT Capital Partners and returning investors.
TechCrunch last covered Aspire when Aspire was added in 2021. In the year Management and automated invoicing related to financial management software.
Co-founder and CEO Andrea Baroncelli said in the past 12 months, Asper has tripled its annual gross billings to $12 billion and serves more than 15,000 businesses in the Southeast Asia.
Baronchelli told TechCrunch that the startup is “primarily focused on new-age businesses that make purchasing decisions based on UX and usability, from single-director businesses to 500+ employees.” This covers various sectors including IT companies, professional services, commodity businesses and startups.
Most Aspire customers use it for accounts payable, multi-currency management, payables and receivables management.
Before the switch to Aspire, Baronchelli said, “Our customers are existing financial institutions, Excel or multiple fintech providers for card, expense management, credit combination. But these systems don’t talk to each other, so simple but important things like financial approvals are done without a single source of truth. We have gathered all business needs into one financial operating pile for businesses. Aspire integrates with Xero, Quickbook, Netsuite, Accurate, Jurnal and other major accounting software.
Aspire will use the final funding for product development, regional expansion and growing its team.
In a statement about the fund, Lightspeed partner Bejul Somaia said, “Aspire has emerged as a leader in the B2B fintech space in Southeast Asia, with an end-to-end product for managing business finance, a strong growth track record, and strong fundamentals.
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