Singapore-based neobank for small- and medium-sized enterprises Aspire has raised $158 million in a Series B round led by an undisclosed growth equity investor, per an announcement.
The round also saw the participation of new investors namely DST Global Partners, CE Innovation Fund, B Capital Partners, besides hedge fund Fasanara Capital.
Returning investors include Hummingbird Ventures, MassMutual Ventures, Picus Capital, and AFG. Founders of fintech startups such as Taavet Hinrikus, the co-founder of Wise, and Moses Lo, the co-founder of Xendit, also participated in the round.
Aspire said in a statement it will use the funding to “double down on existing markets, while building the foundations to serve growing business clients across the whole South East Asia region”. Aspire operates in Singapore, Indonesia, and Vietnam.
Founded in 2018, Aspire offers banking solutions such as working capital and corporate debit cards to companies. It claims to have served over 10,000 businesses in Southeast Asia.
The latest funding brings the total amount of funds raised by Aspire to nearly $200 million. It last raised $32.5 million in a Series A round led by MassMutual Ventures in August 2019.