Singapore-based Aspire, which wants to become the financial services “one-stop shop” for SMEs, announced that its business accounts have reached $1 billion in annualized transaction volume one year after launching. The company also unveiled Bill Pay, its latest feature that lets businesses manage and pay invoices by emailing them to Aspire’s AI-based digital assistant.
Launched in May 2020, Aspire’s online business accounts are targeted to startups and small- to medium-sized enterprises, and do not require minimum deposits or monthly fees. Co-founder and chief executive officer Andrea Baronchelli told TechCrunch more than 10,000 companies now use Aspire’s business accounts and that adoption was driven by two main reasons. The first was Aspire’s transition to a multi-product strategy early last year, after focusing on corporate cards and working capital loans. The second reason is the COVID-19 pandemic, which made it harder for companies to open accounts at traditional banks.
“We can go in and say we offer all-in-one financial tools for growing businesses,” he said. “People come in and use one thing first, and then we offer them other things later on, so that’s been a huge success for us.”
Founded in 2018, Aspire has raised about $41.5 million in funding so far, including a Series A announced in July 2019. Its investors include MassMutual Ventures Southeast Asia, Arc Labs and Y Combinator.
Baronchelli said Aspire’s business account users consist of two main segments. The first are “launchers,” or (Read more...)