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Aspire secures US$32.5 million form major investors

Thailand’s Beacon Venture Capital participates and invests in Singapore’s Aspire Financial Technologies Series A Funding Round.

Aspire Financial Technologies offers a web-based platform that connects marketplace and possible choices of lenders with institutional investors. It also offers a database that houses information on a range of generalist and specialist credit and fixed income investors based in the US or Canada.

The company recently held its Series A funding round which was participated by major companies including Thailand’s Beacon Venture Capital. Beacon VC was a corporate fund under Kasikornbank PLC that focuses on the Southeast Asia market.

The funding round was led by Mass-Mutual Venture Southeast Asia, Insignia Ventures Partners, Hummingbird Ventures, Arc Labs, and Picus Capital with a total of US$32.5 million.

Kasikorn Bank also plans to partner with Aspire aiming to bring digital financial services to small and medium-sized (SMEs) businesses and online vendors.

“With a mutual goal of creating a unique digital banking experience to customers, Aspire will leverage KBank’s infrastructure to offer a unique financial experience to customers of both organizations. KBank has the largest SME customer base in Thailand, but a number of SMEs still lack access to funding and customized banking services,” said Andrea Baronchelli, Aspire’s Co-founder and CEO.

Aspire hope to offer services, including working capital loans, digitized merchant-supplier payments, and remittance services to facilitate KBank customers through this investment and collaboration,” he added.

Inline with Aspire’s mission of reinventing banking for small businesses, the collaboration will help SMEs businesses to digitized banking operations.

In addition, Thanapong Na Ranong, Managing Director of Beacon VC said, “Banking to the underbanked population and SMEs is one of the core focus of Beacon VC’s investment thesis. We are impressed with the Aspire team’s ability to execute and expand their business to four countries within only one and a half years.”

“Their background in e-commerce allows them to truly understand merchants’ pain points. With Aspire, online merchants and SMEs can access financial services to operate their businesses through their mobile phones,” he added.

Beacon VC’s in Aspire was said to be used on extending Aspire’s services across Southeast Asia, including Thailand.