Aspire turns profitable, eyes APAC expansion

Aspire co-founders Andrea Baronchelli (left) and Giovanni Casinelli / Photo credit: Aspire

Aspire, a Singapore-based B2B fintech company, said it hit net profitability on a monthly basis shortly after closing its US$100 million series C funding round.

The firm has also tripled its yearly revenue over the past 12 months and reached US$15 billion in annualized total payment volume.

Andrea Baronchelli, CEO and co-founder of Aspire, attributed the company’s achievements to its strong unit economics, adding that the B2B fintech industry has proven resilient amid a challenging macroeconomic environment.

Baronchelli told Tech in Asia that in contrast to B2C businesses, Aspire’s operations in the B2B sector provide inherent upsides, such as higher average revenue per user, reduced operational strain, and a functional go-to-market approach that facilitates operations across multiple markets.

Although the company had a clear path to profitability, it still decided to raise its series C as “a weak macro environment is a great time to build and gain market share.”

“We have been charting this path for the past 24 months, developing more efficient go-to-market approaches, forging strong partnerships, and working relentlessly on our unit economics,” he added.

Aspire plans to double down on Southeast Asia and expand across the broader Asia-Pacific region “following clients’ needs to automate and manage their finances better both locally and internationally,” Baronchelli said.

The company’s financial solutions, which include corporate cards, multicurrency business accounts, FX payments, payroll, and expense management, serve over 15,000 businesses across various markets, including 5,000 businesses in Indonesia.

See also: The key players in Singapore’s thriving fintech space

Update (June 19, 14:30 p.m. SGT): This article was updated to include clarification on the company’s profitability.