The business of corporate credit cards is intensely competitive as U.S. startups like Ramp, Brex, and Rho challenge incumbents like American Express and SAP Concur. Now, a new player is turning up on the scene: Singapore-based Aspire, which believes it can compete in the U.S. by offering its own suite of products aimed at global founders.
Aspire, which counts over 50,000 primarily Asia-based clients, has been operating in the U.S. in stealth mode for months, but is now making a public push to build up its American presence. In an interview with Fortune, CEO and cofounder Andrea Baronchelli said the decision to expand to the U.S. came after clients repeatedly told him that firms like Ramp—a favorite in Silicon Valley circles—had not designed their services to account for startups operating across borders.
“We want to bridge a gap in the U.S. market where the fintechs aren’t born with the DNA of internationality,” said Baronchelli, who added that his global clients seeking to operate in the country were constrained by U.S. dollar and time zone requirements.
Baronchelli, a onetime banker who launched Aspire as part of Y Combinator’s 2018 batch of startups, said the first phase of his firm’s U.S. strategy will revolve around helping existing clients seeking to expand in the country. The second phase, he said, will entail marketing to U.S. startups and going more head-to-head with the likes of Mercury and Ramp.
The companies are all competing in a fast-growing and fast-evolving market. While the business was once defined almost entirely by American Express and its credit cards, it now encompasses a galaxy of other related services like travel, expense management, and foreign exchange, as well as tax and HR.
Baronchelli says Aspire is well poised to compete in the U.S. thanks to strategic partnerships with the likes of Deel, Stripe, Mastercard, and Plaid, which will let it be a one-stop shop for financial and employment services. The company also has an arrangement with Column, a nationally chartered U.S. bank.
Aspire declined to disclose specific revenue or profit figures, but Baronchelli said the company has been operating at breakeven levels since receiving a $100 million Series C round led by Lightspeed Ventures in 2023, and that it is achieving 50% year-over-year growth.
In a release announcing its U.S. expansion, Aspire said it has appointed David Harris, formerly with Revolut, as country head, and that its global leadership team includes veterans from Wise and Revolut.
