Aspire Pte, a fintech startup serving businesses, raised US$100 million ($133.4 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 Tuesday it struck a deal for financing led by Lightspeed and Sequoia Capital Southeast Asia. Paypal Ventures, Tencent Holdings Ltd., 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 Southeast Asia. It has more than 400 employees across Indonesia, Singapore, Vietnam and India.
