Aspire is an all-in-one financial operating system for businesses.
Founded in 2018 by Andrea Baronchelli (Linkedin), Joel Leong (Linkedin), Stefano Pellegrino (Linkedin), and Giovanni Casinelli (Linkedin) to provide working capital loans for small and medium-sized businesses.
Aspire pursued a multi-product strategy soon after its inception. Its service portfolio includes:
- bank accounts for cross-border businesses
- corporate cards
- automated invoice processing,all linked to financial management software.
The company also offers a startup service for Singapore companies called Aspire Kickstart.
Aspire is trying to offer value-added products such as its expense management software or credit solutions to attract larger SMEs that already have business accounts.
Aspire’s credit cards and working capital loans typically start at around $50,000 and can go up to $300,000 but can be adjusted as the business grows to increase credit lines.
More than 10,000 business accounts have been opened with Aspire, and a total of about $2 billion is transacted annually.
Aspire is headquartered in Singapore with offices in Indonesia and Vietnam and is backed by some of the best VCs in the world, including Y-Combinator.
Aspire is currently exempted from holding a license under the Payment Services Act for the provision of Account Issuance Service, Domestic Money Transfer Service, and E-money Issuance Service for a specified period.
We rate the company on Green but put it on the Watchlist due to a pending license application.