Singapore online banking player Aspire raises $158m
Singapore-based online banking platform Aspire has raised a $158 million Series B round with support from the likes of B Capital Group.
The round, led by an undisclosed global private equity firm, comprises $58 million in equity and $100 million in debt. It also included support from AFG Partners, CE Innovation Capital, Germany’s Picus Capital, UK-based Fasanara Capital, Belgium’s Hummingbird Ventures, partners of DST Global, and the Southeast Asia arm of Massachusetts Mutual Life insurance’s VC unit.
MassMutual Ventures Southeast Asia led a $32.5 million round in 2019 that also featured Hummingbird and Picus, as well as Silicon Valley investors Arc Labs and Y Combinator. The existing investor base also features Insignia Ventures and US-based Mark 2 Capital. Total funding to date comes to about $200 million.
Founded in 2018 by former executives from Lazada, Aspire provides digital infrastructure aimed at helping merchants and start-ups across the region access capital from third-party financial services providers. The service includes a range of financial services such as a credit line for daily business experiences and a business-to-business payment platform.
The idea is to consolidate and simplify banking services for online business owners unsatisfied with traditional financial services. The company notes that the average business in its target market uses seven different providers to fulfill needs across accounting, payroll, invoice management, foreign exchange, credit, and managing multiple bank accounts.
“We see a world dominated by integrated platforms across various business functions such as Salesforce for sales or Slack for communication,” Andrea Baronchelli, CEO and co-founder of Aspire, said in a statement. “We believe the same is happening for Finance and we are here to build the operating system for the Southeast Asia digital economy. We build value for our customers by saving time, saving money, and boosting their growth.”
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