Fintech Startup Aspire Sets Sights on Southeast Asia’s Digital Economy

The Singapore-based neobank has raised a $158 million led by renown VCs and fintech founders.

Aspire is looking to double down on existing markets, while building the foundations to serve growing business clients across the whole South East Asia region, the firm said in an announcement on Monday.

The oversubscribed funding round consisted of $58 million in equity and $100 million in debt. It was led by an undisclosed global growth equity firm, together with DST Global Partners, CE Innovation Fund, B Capital Partners and global hedge fund Fasanara Capital. Existing investors including Hummingbird Ventures, Mass Mutual Ventures, Picus Capital, and AFG, as well as a number of individual investors also participated.

The company also operates in in Indonesia and Vietnam and is laying the groundwork for expansion into other Southeast Asian markets.

Founded in 2018, Aspire provides an all-in-one finance operating system, which incorporates accounting, payroll, invoice management, FX, credit solutions, and banking. It serves more than 10,000 business accounts, which transact a total of around $2 billion annually, doubling in five months from May.