Singapore business banking startup Aspire raises $100M

Aspire, a Singapore-based B2B banking startup, announced today that it raised $100 million in Series C funding led by Lightspeed and Sequoia Capital SEA.

Why it matters: Despite a slowdown in fintech funding, investors appear to be bullish on business banking as a growing category to bet on.

Between the lines: Aspire began by offering working capital loans to small businesses in Southeast Asia but has expanded to offer a full range of financial services to companies in the region.

• Its product suite now includes business bank accounts, corporate cards, cross-border payments, cash flow management and automated invoice processing.

By the numbers: Aspire says it has grown to serve more than 15,000 businesses across Southeast Asia.

• In the past year, it has tripled its annualized payment volumes to $12 billion, according to a company statement.
• It now has more than 400 employees across Indonesia, Singapore, Vietnam and India and plans to expand its workforce and product offerings throughout the region.

Of note: Paypal Ventures, LGT Capital Partners, Picus Capital and Mass Mutual Ventures also participated in the round.

• The company had raised $200 million in venture funding prior to this round, according to Pitchbook.