YC-backed Aspire hits $1b in annualized transactions, launches new product

Singapore-based Aspire, a startup providing banking solutions to small- and medium-sized enterprises, announced it has hit US$1 billion in annualized transaction volumes within one year of the launch of its business accounts.

The firm also unveiled its Bill Pay feature, which automates a company’s invoice payment processes by eliminating manual data entry and reconciliation.

The co-founders of Aspire / Photo credit: Aspire

Aspire, which graduated from Y Combinator’s winter 2018 batch, provides businesses across Southeast Asia with access to financial products through its fintech platform.

Its flagship product, AspireAccount, offers cash flow management and business-to-business payment acceptance services to digital merchants in Southeast Asia.

Through its new Bill Pay feature, transactions synchronize with accounting systems integrated with Aspire, including Xero and Quickbooks, among others. Meanwhile, users can also opt in to automatically schedule payments to maximize payment terms and improve the company’s cash flow.

To date, the company has raised US$40 million from various investors, including its latest financing round led by MassMutual Ventures. In August 2019, the company raised US$32.5 million in a series A round to boost its financial product offering and bolster its presence in Southeast Asia.

It currently has operations in Singapore, Thailand, Indonesia, and Vietnam.