(Jakarta, January 31st 2024) For tech companies across the world, the last few years have been marked by a 'growth at all costs' mindset. But the aftermath of this approach has led to many businesses - especially growing startups - facing severe consequences.
The recent spate of layoffs in the tech sector doesn’t seem to be slowing down, with ~40% of companies stating that they expect downsizing to continue in 2024. Indonesia has not been spared by this trend, with more than 7000 people affected over more than 50 rounds of layoffs.
Amid these industry challenges, Aspire, a fintech company headquartered in Singapore and offering a comprehensive suite of finance solutions to Indonesian businesses, including business accounts, spend management, and payment gateway services, is maintaining a robust growth path.
Aspire recently announced the unveiling of its HQ in Downtown Singapore and plans to double its workforce by 2025, a move that highlights its commitment to expanding its operations and reinforcing its regional influence. Additionally, Aspire has opened an office in Hong Kong, where it is actively hiring for commercial roles across various departments.
In Indonesia, Aspire's growth strategy continues unabated with focused recruitment in key roles ranging from partnerships to product management. This targeted expansion in Indonesia is a crucial part of Aspire's broader strategy to harness the growth potential within the Asian market.
Additionally, Aspire has introduced a country-specific solution – a payment gateway under enterprise API – tailored to meet the unique needs of the Indonesian market, through the acquisition of Duitku, a payment Gateway company that has acquired Payment processing license 2 and 3 from Bank Indonesia. Demonstrating its commitment to adapting its offerings in response to local market requirements.
"Despite the global tech sector's challenges, Aspire is on a strong growth trajectory across Asia. Our focus on attracting top talent remains priorities, as we believe that our team is our biggest asset leading to our continued success and growth in this dynamic market." said Ferdy Nandes, General Manager of Indonesia
Earlier last year, the company secured a substantial $100 million in Series C funding, one of the largest oversubscribed funding rounds in 2023 and announced their profitability, less than 3 months after said funding round. The company was most recently awarded as one of the Straits Times 10 Fastest Growing Companies in Singapore based on revenue growth, which grew over 100% YoY in Indonesia last year.
Consistently elected as the #1 Top Startups by LinkedIn for 3 consecutive years, Aspire's commitment to employee welfare is unwavering. In stark contrast to the downsizing and mandatory return-to-office trend that is prevalent in Indonesia, Aspire is razor focused on growing its team.
The company's flexible work policies, where teams can decide which day they want to collaborate offline, and their uncapped leave benefits policy, further emphasize their dedication to work-life balance and attracting high-caliber talent.
Aspire is hiring 50+ roles in crucial departments across Asia, including for its Indonesian office. For more information about Aspire's career opportunities and company culture, please visit https://aspireapp.com/id-ID/careers
About Aspire
Aspire is the all-in-one finance software for growing businesses. The company serves over 15,000 startups and SMBs in Southeast Asia, helping them save time and money with multi-currency accounts and cards, expense management, payable management, and receivable management solutions - all in one account.
Headquartered in Singapore, Aspire has over 450 employees across four countries and is backed by global top tier VCs, including Sequoia, Lightspeed, and Y-Combinator.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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