Singapore-based fintech start-up Aspire has raised a $100 million oversubscribed Series C round to support its expansion plans in the Southeast Asia region.

Aspire offers a range of financial services to businesses, including international payment processing and invoice automation.

Over the past 12 months, Aspire claims it has tripled its annualized total payment volumes to $12 billion, serving over 15,000 businesses in Southeast Asa, with a presence in Indonesia, Singapore, Vietnam, and India. The company currently employs over 400 people across the region.

Most Aspire’s customers use it for payment accounts, multi-currency management, payable and receivables management.

The round was led by Lightspeed and Sequoia Capital Southeast Asia and saw the participation of investors such as Paypal Ventures, Tencent Holdings, LGT Capital Partners, and previous investors. The financing has more than doubled the company's valuation, according to its CEO, Andrea Baronchelli.

Aspire will use its latest funding on product development, regional expansion and growing its team.

The funding comes at a challenging time for tech start-ups, with global venture funding in Q4 2022 dropping to the lowest level in over two years, according to CB Insights. However, Aspire's success in securing financing highlights the potential for growth in the fintech sector, particularly in Southeast Asia.