Sequoia-Backed Aspire Reportedly Gets US$79M Funding From US Holding Firm

Sequoia-Backed Aspire Reportedly Gets US$79M Funding From US Holding Firm

by January 17, 2024

Singapore-based B2B fintech firm Aspire has received US$79.15 million in funding from its US-based holding company, according to latest filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) obtained by DealStreetAsia.

According to the ACRA filings, this investment will be facilitated through the allotment of 15.8 million ordinary shares and 63.3 million redeemable preference shares. The company has yet to issue an official statement on the raise which could potentially be a mix of both equity and debt financing.

Aspire had announced that it achieved profitability three months after closing an oversubscribed US$100 million Series C round co-led by Lightspeed and Sequoia Capital SEA in June last year. Just a month prior to that, the firm secured an additional US$8.3 million from its parent company.

Less than two months ago, Aspire had opened its new headquarters in Singapore, aiming to enhance its role in fintech research and development (R&D) within the region. In line with this,

Aspire established a new financial technology excellence hub in Singapore that will drive its focus on product development and strategic investments in key areas such as Artificial Intelligence (AI) and cybersecurity.

The company shared that it also had plans to double its fintech-specialised workforce in Singapore to 300 by 2025.

Founded in 2018, Aspire provides a comprehensive suite of financial services for small businesses, including international payments, corporate cards, and payable and receivable management through a unified platform.