The fast-growing platform that provides credit and tools to help SMEs now has the funds to scale its business across Southeast Asia and close the gap in SME funding.
Singapore startup Aspire, which helps small-medium enterprises secure working capital, has raised $32.5 million in its Series A funding round, led by MassMutual Ventures Southeast Asia. Arc Labs and existing investors Y Combinator, Hummingbird and Picus Capital also participated in the raise, the firm said in a statement.
Targeted at digital merchants and startups, Aspire operates a neobanking platform that uses third-party financial service providers to help SMEs secure quick loans of up to S$100,000 ($72,700). It also provides virtual B2B payment acceptance and other tools to help them manage their cash flow.
The new funds will be used to boost Aspire's financial product offering and strengthen its presence in markets across Southeast Asia. It currently operates in Thailand, Indonesia, Singapore and Vietnam, filling the gap in funding to businesses that make less than $10 million per year – largely online vendors and startups.
Strong Growth
According to a media statement, Aspire has been experiencing 30 percent month-on-month growth since the company was founded in January 2018, and expects to open more than 100,000 business accounts by 2020. To date, the startup has raised $41.5 million.
Aspire was founded in January 2018 by former Lazada executives to solve the issues of cash flow issues small businesses face in the e-commerce industry. The firm uses third-party financial service providers to provide SMEs with a 60-day, interest free credit line of up to S$100,000 to solve their working capital needs.
