Aspire, a B2B fintech company based in Singapore, claimed to have achieved profitability only a few months after ending its US $100 million series C funding round.
The company’s annual revenue has tripled over the previous 12 months, and its annualized total payment volume has reached US $15 billion.
Aspire’s CEO and co-founder, Andrea Baronchelli, credited the company’s success to its strong unit economics and noted that the B2B fintech sector has shown resilience in the face of a difficult macroeconomic environment.
According to reports, Baronchelli stated that in contrast to B2C companies, Aspire’s B2B operations have inherent advantages like a higher average revenue per user, lessened operational stress, and a functional go-to-market strategy that makes it easier to operate in various markets.
The company raised its Series C even though it had a clear path to profitability because “a weak macro environment is a great time to build and gain market share”.
“We have been charting this path for the past 24 months, developing more efficient go-to-market approaches, forging strong partnerships, and working relentlessly on our unit economics,” he added.
Aspire intends to increase its focus on Southeast Asia and broaden its reach throughout the Asia-Pacific region, “following clients’ needs to automate and manage their finances better both locally and internationally,” according to Baronchelli.
Over 15,000 companies in various markets, including 5,000 in Indonesia, use the company’s financial solutions, which include corporate cards, multicurrency business accounts, FX payments, payroll, and expense management.