Singapore’s Aspire snags US$100 million even as VC market slows

ASPIRE, a fintech startup serving businesses, raised US$100 million in a round that more than doubled its valuation, defying a market downturn for young tech firms.

The Singapore-based company said in a statement on Tuesday (Feb 14) it struck a deal for financing led by Lightspeed and Sequoia Capital South-east Asia. Paypal Ventures, Tencent Holdings, LGT Capital Partners and previous investors also participated.

The Series C round “more than doubled” its valuation, chief executive officer Andrea Baronchelli said in an interview. It’s raising funds at a difficult time for tech startups — global venture funding in the fourth quarter of 2022 fell to the lowest level in more than two years, according to CB Insights.

Founded in 2018, Aspire is used by businesses for a range of financial services, including making international payments and automating invoices. More than 15,000 business accounts have been opened on Aspire, the company said.

The funding comes as the five-year-old company is working to expand in South-east Asia. It has more than 400 employees across Indonesia, Singapore, Vietnam and India. BLOOMBERG