Fintech Aspire Reports Reaching $1 Billion in Yearly Transactions Just a Year After Launch
Y-Combinator-backed Fintech firm
Aspire has reportedly managed to reach $1 billion in annualized transaction volumes in just a year since the introduction of its business accounts (in May 2020).
Aspire also revealed that it will be offering a new
Bill Pay feature, which will be automating company invoice payment processes by removing the need to perform manual data entry and related reconciliation.
Business owners may easily forward their invoices through email to Aspire’s AI-enabled assistant, which will use optical character recognition (OCR) and deep learning in order to identify the payment information and the date the transaction was completed.
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Aspire’s business accounts reach $1B in annualized transaction volume one year after launching
Singapore-based Aspire, which wants to become the financial services “one-stop shop” for SMEs, announced that its business accounts have reached $1 billion in annualized transaction volume one year after launching. The company also unveiled Bill Pay, its latest feature that lets businesses manage and pay invoices by emailing them to Aspire’s AI-based digital assistant.
Launched in May 2020, Aspire’s online business accounts are targeted to startups and small- to medium-sized enterprises, and do not require minimum deposits or monthly fees. Co-founder and chief executive officer Andrea Baronchelli told TechCrunch more than 10,000 companies now use Aspire’s business accounts and that adoption was driven by two main reasons. The first was Aspire’s transition to a multi-product strategy early last year, after focusing on corporate cards and working capital loans. The second reas
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