Y-Combinator-backed fintech Aspire reached $ 1 billion in annualized transaction volumes within one year of launching its trading accounts in May 2020.
The company also announced the launch of its Bill Pay feature, which automates a company’s bill payment processes by eliminating manual data entry and reconciliation.
Business owners simply email their invoices to Aspire’s AI assistant, which uses a combination of optical character recognition and deep learning to identify payment details and payment date. .
The user then receives a notification to perform a final check and approve the payment by the due date.
All transactions synchronize seamlessly with the accounting systems built into Aspire, such as Xero, Quickbooks and others.
Users can also choose to automatically schedule payment to maximize payment terms and improve business cash flow.
Aspire provides growing businesses across Southeast Asia with access to a suite of financial products through its all-in-one finance platform. Similar to Brex in the United States, Aspire offers growing businesses a more digital and cost-effective way to manage their money, compared to traditional banks.
The company serves thousands of businesses in the region and also recently launched an incorporation offering with the aim of being the one stop shop for any entrepreneur.
âWe are closing a $ 150 billion gap in demand for better, faster and cheaper financial services for businesses in Southeast Asia.
And we will continue to launch innovative products targeting growing businesses, such as Bill Pay, to help founders save time and money, and use those resources to grow their businesses instead. â
said Andrea Baronchelli, Founder and CEO of Aspire.
Featured Image: Andrea Baronchelli, Founder and CEO of Aspire