B2B fintech Aspire reports profitability
Business-to-business (B2B) fintech Aspire has announced it has reached profitability – “setting a new industry standard of sustainable growth”, it claims.
Aspire hits profitability
The announcement comes hot on the heels of its oversubscribed Series C funding round, which closed earlier this year raising $100 million.
Founded in 2018 and headquartered in Singapore, Aspire serves over 15,000 businesses across Southeast Asia and APAC. Of these, a third – over 5,000 – are based in Indonesia.
Air Asia, Carousell, Love Bonito, Endowus, and Tech In Asia are on its customer list.
Aspire’s products range from corporate cards, multi-currency business accounts, and FX payments to payroll and expense management. The company describes its offering as an “all-in-one finance operating system for new age businesses”.
In the past 12 months, Aspire says it has tripled its yearly revenues, hitting profitability in the second quarter of 2023 and $15 billion of annualised total payment volumes.
“In today’s increasingly volatile macroeconomic climate, trust and safety have become paramount for businesses seeking financial solutions,” comments CEO Andrea Baronchelli.
“With solid unit economics and partnerships with the region’s leading financial institutions, we have demonstrated a strong financial position and commitment to reliability.”
Backed by global venture capital firms such as Sequoia, Lightspeed, and Y-Combinator, Aspire has ambitious expansion plans across APAC.
It currently employs 400 people and says it has 50+ open positions.
