Just months after closing an oversubscribed $100 million Series C round, Singapore-based business to business (B2B) fintech firm Aspire announced that it has achieved profitability.
This was a result of its strong revenue growth and best-in-class unit economics, setting a new industry standard of sustainable growth, Aspire said in a statement on Monday.
In the past 12 months, the company tripled its yearly revenues, hitting profitability in the second quarter of 2023 and $15 billion of annualized total payment volumes.
This achievement came despite the headwinds of a challenging macro-economic environment that saw many companies impacted by widespread layoffs and downsizing.
Aspire is the all-in-one finance software for new-age businesses.
The firm serves over 15,000 businesses, including over 5,000 businesses in Indonesia and thousands across the rest of Southeast Asia and Asia Pacific (APAC).
Its product offerings range from corporate cards, multi-currency business accounts and foreign exchange (FX) payments, to payroll and expense management.
The company has been expanding its client list, which includes companies like Air Asia, Carousell, Love Bonito, Endowus and Tech In Asia which it counts as customers.
“In today’s increasingly volatile macro-economic climate, trust and safety have become paramount for businesses seeking financial solutions,” said Andrea Baronchelli, CEO of Aspire.
“With solid unit economics and partnerships with the region’s leading financial institutions, we have demonstrated a strong financial position and commitment to reliability,
“We’re proud to be the long term business finance partner our clients can depend on,” he added.
According to the statement, the company’s sustainable growth approach, strong market adoption and support of investors including Lightspeed, Sequoia, Tencent and Paypal Ventures, has set strong foundations for its expansion plans in Southeast Asia and broader APAC.
Aspire currently has over 400 headcount across four countries and is actively hiring for talented individuals, with 50+ open positions.
In February, Aspire announced that it has closed an oversubscribed Series C round at $100 milion.
Lightspeed and Sequoia Capital SEA, Paypal Ventures, LGT Capital Partners and existing backers Picus Capital and Mass Mutual Ventures have participated in the round.