ASPIRE

Andrea Baronchelli, Hendra Kwik, and Carlo Crivelli were frustrated that Southeast Asian businesses had terrible access to basic financial infrastructure. Corporate credit cards required massive deposits.

Expense management was done on spreadsheets. Multi-currency payments meant dealing with three different banks.

They founded Aspire in 2018 to build a modern business finance stack for the region. The company started with corporate cards and expense management, then expanded into accounts payable, receivable, and multi-currency accounts.

SaaS with transaction-based revenue. Free tier for basic features.

Paid plans from $30/month for advanced features. Revenue from interchange fees on card transactions, FX margins on multi-currency transactions, and subscription fees.

The model mirrors Brex's approach adapted for Southeast Asian markets.

Aspire Corporate Cards (virtual and physical). Expense Management (receipt capture, approval workflows).

Multi-Currency Accounts. Accounts Payable (bill payments).

Accounts Receivable (invoice collection). Integrations with Xero, QuickBooks, and Netsuite.

Bottom-up adoption among startups and SMEs. Aspire grew by targeting the companies that traditional banks ignored — early-stage startups, small businesses, and e-commerce sellers who needed corporate cards and expense management but could not meet bank requirements.

Partnerships with accelerators and venture funds drive referrals.

Competition from traditional banks modernizing their SME offerings and from other fintech players (Spenmo, Volopay, Airwallex) in the region. Southeast Asian financial regulation varies dramatically by country, making multi-market expansion complex.

Backed by Lightspeed Venture Partners, Sequoia Capital India, and Y Combinator. Lightspeed led the Series C in 2023.