Singapore-based fintech Aspire is reportedly scaling back its Indonesia operations as it pivots toward global expansion, particularly in the US.
The move has led to layoffs affecting up to 20 staff in Indonesia, according to information obtained by DealStreetAsia.
Aspire confirmed the cuts, saying 18 roles in Indonesia were impacted as part of a cost optimisation effort. No changes were made to its Singapore team.
The company added that certain local products and accounts in Indonesia were also impacted.
The company has also consolidated some regional functions under its Singapore headquarters.
Founder and CEO Andrea Baronchelli said the firm is streamlining operations to support long-term growth and global ambitions.
Sources said Aspire’s global push is being encouraged by investors, with plans underway to relocate part of its Singapore team to the US.
Several Indonesian corporate accounts have reportedly been closed, and the firm appears to be scaling back localised products.
The company’s ties with Indonesian payment gateway Duitku have also shifted.
While previously linked to a potential acquisition, Aspire now refers to Duitku as a partner.
Public records show Aspire owns a 24.48% stake in Duitku’s parent company.
Aspire was founded in 2018 and provides financial tools for SMEs, including cross-border payments and corporate cards.
It operates in over 10 countries and said it reached profitability in Q2 2023.
The firm has raised more than US$299 million to date, including a US$100 million Series C round led by Lightspeed and Sequoia SEA.
Featured image credit: Edited from Freepik
