Aspire co-founders Andrea Baronchelli (left) and Giovanni Casinelli / Photo credit: Aspire
An almost 5x growth in revenue from processing and transaction activity has driven a surge in Singapore-based Aspire’s topline for its 2022 financial year, according to Alternatives.pe.
The company, which provides finance software for startups and small businesses in Southeast Asia, generated S$14.9 million (US$11.2 million) in revenue from transaction fees charged to transfers done through its platforms. Overall, its revenue jumped more than 2x to US$18.2 million from around US$7.1 million in FY 2021.
Without going into specifics, Aspire previously said it tripled its yearly revenue over the past 12 months in March this year – when it raised US$100 million in series C funding. The company also said at the time that it hit net profitability on a monthly basis.
In a statement to Tech in Asia, Aspire said it is eyeing a 2x year over year growth in revenue for FY 2023. “Key drivers of growth are increased breadth and sophistication of our product suite, and geographical expansion.”
According to its filings, these figures include those from its subsidiaries in Singapore, Indonesia, Vietnam, Thailand, and the Philippines. While it’s unclear how many companies it serves in each of those markets, Aspire is currently used by over 15,000 businesses, according to its LinkedIn page.
Meanwhile, the company spent considerably more in FY 2022 compared to the previous year. Its cost of service grew over 121% year on year to just about US$10 million. Other operating expenses also widened 149% to US$22.8 million.
These increased expenses pushed the firm’s loss for the financial year to US$21.2 million, growing by roughly 123% versus its FY 2021 figures.
The bulk of Aspire’s expenses went to employee benefits, which amounted to US$14.3 million in FY 2022. This is a 173% increase compared to the previous year.
It may register further increases in employee expenses in FY 2023, with Aspire saying in November that it plans to double its fintech-specialized workforce in Singapore to 300.
At the time of its series C funding round, Aspire said it would double down on Southeast Asia and expand across the Asia-Pacific region.
See also: SEA’s digital banking map unveils bright spot for investors
Disclaimer: Tech in Asia is a client of Aspire.
Currency converted from Singapore dollar to US dollar: US$1 = S$1.33.
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