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Aspire hits profitability three months after closing US$100m Series C
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CEO of Aspire Andrea Baronchelli (left) and cofounder of Aspire Giovanni Casinelli. (Dok Aspire)
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ust months after closing its US$100 million (Rp 1.5 trillion) oversubscribed series C funding round in February, Aspire said it had hit profitability.
Strong revenue growth and its accuracy in defining its unit economics are the factors that enabled this Singaporean B2B financial technology (fintech) company to achieve profitability.
This achievement has put Aspire as a new industry standard of sustainable growth.
“In today's increasingly volatile macroeconomic climate, trust and safety have become paramount for businesses seeking financial solutions,” said Andrea Baronchelli, CEO of Aspire.
Aspire has demonstrated a strong financial position and commitment to reliability. This is also a result of its solid unit economics and strong partnerships with the region’s leading financial institutions.
“We’re proud to be the long-term business finance partner our clients can depend on,” said Andrea Baronchelli, in a report received by The Jakarta Post, on Wednesday.
Since its founding, Aspire has served more than 15,000 businesses in Southeast Asia and the broader Asia-Pacific, including 5,000 businesses in Indonesia.
Some products offered by Aspire are corporate cards, multicurrency business accounts foreign exchange (FX) payments, expense management and payroll system solutions.
Aspire’s list of clients keeps growing, with some notable companies such as Air Asia, Shipper, eFishery, Love Bonito, Noice and Tech In Asia.
In the past 12 months, the company tripled its yearly revenues, hitting profitability in the second quarter of 2023 and US$15 billion of annualized total payment volumes.
This achievement came despite the headwinds of a challenging macroeconomic environment that saw many companies impacted by widespread layoffs and downsizing.
Aspire currently has an over-400 headcount and is still actively hiring talented individuals despite the macro climate, with 50+ open positions.
The company’s sustainable growth approach, strong market adoption and support of world-class investors including Lightspeed, Sequoia, Tencent and Paypal Ventures, has set a strong foundation for its expansion plans in Southeast Asia and the broader Asia-Pacific region.
