- Aspire’s revenue grew over 100% to $18.2 million in 2022.
- Mounting costs for regional expansion led to losses that ballooned to 123% higher.
- Aspire aims to double sales again next year despite continuing unprofitability.
Aspire’s Revenue Grew 2x
Aspire, a Singapore-based financial services startup catering to Southeast Asian SMBs, grew revenue over 2x to reach $18.2 million in fiscal year 2022 – but mounting costs led to losses ballooning as well.
The 5-year-old firm saw transaction fees from its finance platforms surge almost 5x, making up over 60% of total sales. Aspire previously hit profitability every month before investing for growth.
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Regional Expansion
Now focused on regional expansion, personnel costs weighed heavily on its bottom line as total outlays grew over 140%. The resulting $21 million net loss was 123% higher year-over-year.
Employee expenses also rose 173%, with headcount doubling. Aspire expects costs to remain elevated as it continues targeting a mostly untapped market of small businesses needing working capital.
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Targeting to Double Revenue Next Year
However, the fintech player still increased sales briskly across Singapore, Indonesia, Vietnam, Thailand, and the Philippines. It aims to double revenue in the new fiscal year again.
The red ink comes as the price for pursuing APAC market share. Profitability has become secondary amid a land grab opportunity.
With recent funding, Aspire hopes its platform and product investments will prime the pump for a future cash gusher across Southeast Asia.
