Aspire Raises $100M to Expand Finance Platform

Aspire has lifted $100 million in a Series C spherical to develop its all-in-one finance working system for enterprises.

The Singapore-dependent firm claimed in a Tuesday (Feb. 14) press launch that it will use the new cash to increase its crew, enhance its product offering and grow its existence in Southeast Asia.

Its Sequence C funding spherical integrated investments from Lightspeed, Sequoia Cash SEA, PayPal Ventures, LGT Cash Companions and present backers Picus Cash and MassMutual Ventures, according to the release.

“Aspire has emerged as a leader in the B2B FinTech area in Southeast Asia, with a total conclusion-to-end product or service for controlling organization finance, a powerful track report of development and solid fundamentals,” Lightspeed Spouse Bejul Somaia explained in the release.

PYMNTS study has discovered that nearly one particular-third of tiny- to medium-sized companies (SMBs) would be intrigued in using an all-in-one payment system to receive payments.

This sort of platforms can deal with a lot of of SMBs’ accounts payable (AP) and accounts receivable (AR) problems — including inefficiencies and discomfort factors when earning and acquiring B2B payments — in accordance to “The AP/AR Speedy-Start Tutorial: Lessening B2B Payments Friction for SMBs,” a PYMNTS and Plastiq collaboration.

Aspire’s unified suite of financial products and services for businesses involves intercontinental payments, company cards, and AP and AR management, according to the release.

The firm serves 15,000 startups and SMBs in Southeast Asia and presently handles annualized whole payment volumes of $12 billion, the launch reported.

“From providing authentic-time economical facts, to speedy and transparent cross-border payments, to empowering small business groups with globe-class spend administration abilities to go quickly and transfer correct — we search ahead to empowering every contemporary organization, massive or little, with the ideal financial instruments to realize their comprehensive potential,” Aspire Co-founder and CEO Andrea Baronchelli stated in the release.

Aspire’s funding spherical arrives about a year immediately after Indonesian banking and digital finance system Akulaku acquired a $100 million investment to help it proceed its growth across Southeast Asia.

Akulaku stated at the time that it currently experienced a existence in Indonesia, the Philippines and Malaysia and was launched to give underserved consumers in emerging markets entry to electronic banking, electronic financing, digital investment decision and insurance policy brokerage products and services.

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