1.1 This Target Market Determination (TMD) has been prepared by Aspire to comply with the design and distribution obligations in Part 7.8A of the Corporations Act 2001 (Cth).

1.2 This TMD describes:

the class of customers for whom the Aspire Products are likely to be suitable;
conditions and restrictions on how these Aspire Products can be distributed; and
events and review triggers that may require this TMD to be reviewed.

1.3 This TMD is not:

a summary of all terms and conditions, features or risks of the products;
a Product Disclosure Statement (PDS); or
financial product advice.

1.4 You should read the PDS and consider whether any Aspire Product is appropriate for you before deciding to acquire or continue to hold any Aspire Product.

1.5 This TMD is issued by Aspire:

AFT AU Pty Ltd ABN: 64 670 972 997
AFSL: 554582Address: Level 5, 10 Shelley Street, Sydney, NSW 2000
Website: www.aspireapp.com/au
‍Email: support@aspireapp.com

2. Products and key eligibility requirements

2.1 This TMD covers the following financial products issued by Aspire:

the Multi-currency Account;
the Aspire Card;
the Domestic Payout Services;
the International Payout Services; and
the FX Conversion Services,

(together, the Aspire Products).

2.2 In order to apply for an Aspire Product, an applicant must meet our key eligibility requirements including:

operating a business as a company, partnership, trust, sole trader or other business entity we support;
possessing an active business registration number such as an Australian Business Number;
meeting the requirements set out in our Acceptable Use Policy; and
meeting our customer due diligence and onboarding eligibility requirements.

2.3 In addition, individuals who are applying on behalf of a business must be duly authorised to bind that business and be at least 18 years old at the time of applying.

3. Target market

3.1 Likely objectives and needs

3.1.1 The Aspire Products are likely to be suitable for customers who:

require a business‑oriented transactional account to receive, hold and make payments;
need card‑based payment functionality (physical and/or virtual Visa card) for business expenses;
require domestic and international payment capabilities as part of their business operations; and
need to convert one currency into another currency to support cross‑border transactions and foreign‑currency spending.

3.1.2 The Aspire Products are designed for customers who value:

digital access to account and card management;
real‑time or near real‑time visibility over balances and transactions; and
the ability to configure user permissions and controls for business expense management.

3.2 Likely financial situation

The Aspire Products are likely to be suitable for customers who:

have regular or occasional inflows to fund payments and card spend;
have sufficient funds available to make payments to third parties such as domestic or international suppliers; and
are able to meet all fees and charges associated with the products.

3.3 Customer attributes

The target market are business customers (such as companies, partnerships, trusts, sole traders and other business entities that we support) seeking business payment and expense management solutions.

3.4 Who the products are not designed for

The Aspire Products are not designed for customers who:

require a personal transaction account;
require an overdraft, line of credit or other credit facility;
seek a savings or investment product that pays interest on balances;
require features not offered by the products (for example, cheque‑writing facilities, cash deposits at branches, or specific payment methods not supported by Aspire); or
are unwilling or unable to use a digital platform to access and manage the products.

4. Product description and key attributes

The following summarises the key attributes of each Aspire Product:

Aspire Product

Multi-currency Account

Purpose

To enable business customers to hold funds that may be used in connection with the other Aspire Products.

Key attributes

Digital business account used to hold funds and make non-cash payments.

Supports funding via local bank transfers and other methods enabled by Aspire.

Maintains a balance in AUD and other supported currencies for use with the Aspire Card, Domestic Payout Services, International Payout Services and FX Conversion Services.

Accessible and managed via the Aspire Platform, including multi-user access, roles and permissions, and integrations with other Aspire services.

Aspire Product

Aspire Card

Purpose

To enable business customers to make purchases of goods and services using the Aspire Card.

Key attributes

Visa card (physical and virtual) linked directly to the Multi-currency Account.

Enables in-person and online purchases wherever Visa is accepted in Australia and overseas.

Supports card controls, spend limits and monitoring via the Aspire Platform.

Transactions settle using available funds in the Multi-currency Account.

Aspire Product

Domestic Payout Services

Purpose

Allows customers to send payments to payees located in Australia.

Key attributes

Enables domestic payments to and from Australian payees using supported payment rails.

Supports real-time or near real-time payments to Australian bank accounts (where available).

Integrated with the Multi-currency Account and other Aspire Products.

Aspire Product

International Payout Services

Purpose

Allows customers to send payments to payees located outside of Australia.

Key attributes

Enables international payments to payees located outside Australia.

Supports SWIFT payments to countries and currencies that Aspire supports.

Automatically integrates with FX Conversion Services when currency conversion is required.

Aspire Product

FX Conversion Services

Purpose

Allows customers to convert one currency into another currency in connection with their payments and holding needs

Key attributes

Allows FX conversions of one currency into another currency that the Aspire Platform supports from time to time.

FX rates are displayed in real-time within the Aspire Platform that periodically refresh until the customer confirms the FX conversion.

FX conversions are supported in relation to International Payout Services or Aspire Card transactions.

5. Distribution conditions and restrictions

To reduce the risk that the Aspire Products are offered to customers outside the target market, the Aspire Products must only be distributed in accordance with the following requirements:

Marketing and promotion	The Aspire Products must only be marketed and promoted in accordance with Aspire’s approval requirements through: direct communications such as telephone, email and text messages; digital media such as advertising on social media platforms, internet search platforms and third-party comparison websites; or physical materials such as printed brochures, flyers and banners.
Application and onboarding	Aspire and any external distributors of the Aspire Products must: use application and onboarding processes designed to identify whether the applicant within the target market (for example, requiring the applicant to submit their business details such as their ABN); and provide, or make available, the current PDS and this TMD before or at the time the customer applies for the product to assist them making an informed choice before deciding to submit their application.
Prohibited distribution	The Aspire Products must not be distributed: by third parties not authorised by Aspire to distribute the products; through channels or practices that target customers who are not in the intended target market (for example, marketing positioned to consumers); or in a manner inconsistent with applicable laws or regulatory requirements (for example, requirements regarding providing financial product advice).

Distribution appropriateness

We consider that these distribution conditions and restrictions will make it more likely that customers who apply to use the Aspire Products are in the target market. We have assessed that these distribution conditions and restrictions are appropriate having regard to the intended target market and other relevant factors such as the risk profile of the Aspire Products.

6. Reviewing this TMD

6.1 Review periods

This TMD will be reviewed after 1 year and then at least every 3 years thereafter, or more frequently if triggered by a review event.

6.2 Review triggers

This TMD will be reviewed before the next scheduled review if Aspire becomes aware of:

a significant number of complaints about the Aspire Products or their distribution indicating this TMD may no longer be appropriate;
material changes to the terms, features, fees, eligibility criteria or distribution arrangements applicable to the Aspire Products;
significant or systemic issues about the Aspire Products identified through incident reports, remediation activities or regulatory feedback;
key regulatory changes affecting the Aspire Products or their distribution that may require this TMD to be changed; or
information suggesting that the Aspire Products are being sold to customers outside the target market in a manner inconsistent with this TMD.

7. Distributor reporting requirements

Any external distributors must report the following information to Aspire regarding the Aspire Products:

Complaints: The number and nature of complaints about the products (including complaints about distribution and details sufficient to understand the issues raised), on a monthly basis and within 10 business days of Aspire’s request.
Significant dealings outside target market: Any significant dealing in relation to the products that is inconsistent with this TMD, as soon as practicable and no later than 10 business days after becoming aware of the dealing.
Other information: Any other information specified by Aspire from time to time that is relevant to this TMD (for example, summary metrics on acceptance rates, declined applications for suitability reasons and complaints trends).

8. Record keeping

Aspire and any external distributors must maintain adequate records of the reasonable steps taken to ensure distribution in accordance with this TMD including the information reported to Aspire under section 7 of this TMD.

9. How to obtain this TMD

This TMD is available free of charge on Aspire’s website at www.aspireapp.com/au or by contacting Aspire using the contact details in section 1 of this TMD.

Terms and Policies

Aspire Business Account

Target Market Determination