Aspire App Referral Code: CMUP7KA8 (Digital Business Bank Account Referral Program)
#1 Business Account in Singapore | Reinvent banking for small businesses
Please note that Aspire Business account is a digital debit account that you can open for businesses only. It is not for individuals.
After opening an account, you must fund the account and charge at least S$5.00 to the digital debit card in order to receive the referral benefit.
Table of Contents
All-in-one finance for growing businesses.
Aspire is headquartered in Singapore with teams in Indonesia and Vietnam, and backed by leading venture capital firms and private investors.
Aspire is the trade name used by the Aspire group of companies, which includes Aspire FT Pte. Ltd. and Aspire Financial Technologies Pte. Ltd., both of which are fully owned subsidiaries of Aspire Financial Technologies Holdings Inc.
Aspire is the all-in-one finance operating system for growing businesses. Aspire helps companies pay, manage, and earn smarter - by doing more than a bank, bookkeeper, or reward program could ever do alone.
Their mission is to empower the next generation of entrepreneurs with the financial tools they need to realise their company’s full potential.
- 27 Sep 2021: Aspire raises US$158 Million series B round to double down on its All-in-one Finance OS for growing businesses in South East Asia.
- 11 May 2021: US$1 billion in annualized transaction volumes within one year of the launch of its business accounts.
- Startup Fintech Award (Technode Global)
- #1 Hottest Startup 2020 (Singapore Business Review)
- Startup of the Year 2021 (Asia Fintech Awards)
Some customer names that ring a bell with us:
Is Aspire regulated in Singapore?
Aspire FT Pte. Ltd. is currently exempted from holding a licence to provide payment services in Singapore under the Payment Services Act (No. 2 of 2019). You can find the list of exempted entities here. Credit lines to businesses are issued by Aspire Financial Technologies Pte. Ltd, which is an excluded moneylender under the Moneylenders Act (Cap. 188).
“Your funds are kept strictly segregated in a trust account with a tier-1 bank which is safeguarded in accordance with the Payment Services Act, following MAS guidelines on the same.”
Source: Aspire Knowledge Base
Service portfolio of Aspire
This sections lists the core service portfolio of Aspire.
Built upon the service portfolio are features like:
Cards: Aspire Visa Card
“The smartest corporate card for digital SMEs and Startups”
Aspire card capabilities:
- support Apple Pay (since May 2022) and Google Pay
- customise Card Spend Limits with greater flexibility including one-time, daily, monthly, quarterly and more options
- ‘Merchant Lock’ allows restricting your Aspire Card spend to specific merchants.
Credit: Aspire Line of Credit
A line of credit for your working capital needs - up to S$300k.
Debit: Aspire Business Account
One account for all your business financial needs
Aspire added USD account support in March 2022. Business owners can now:
- open a USD account in minutes with no account fees
- enjoy free local USD transfers,
- convert USD to over 30+ currencies at the best FX rates.
- receive funds from 180+ countries, in 30+ currencies. Converted to USD at Google rates.
- issue USD Debit Cards!
- spend directly in USD with 0 FX losses.
- or make foreign currency card payments at competitive FX rates
How to fulfill the referral terms and get the referral bonus credited into your Aspire Business account?
1. Sign up and install Aspire app
After signing up at the website, install the Aspire app from the app store. Alternatively, you can sign up directly from within the app.
2. Deposit funds into Aspire Business account
A DBS bank account under your company’s name will have been created by Aspire upon account opening.
Retrieve the DBS account details from the Aspire app and you can do a FAST transfer to deposit some funds.
The funds should be received and reflected in the Aspire app almost instantaneously.
3. Make a purchase with the Aspire virtual corporate debit card
The final step is to make some purchase using the Aspire virtual debit card. Upon a successful transaction, the referral bonus should be credited instantly and you would receive a notification from the Aspire app.
For example: buying some office supplies from Shopee.
You can actually add the Aspire card to Google Pay or Apply Pay (since May 2022) which then allows you to pay at physical stores via payWave.
Check transaction records
You can conveniently check your transaction records from the Aspire app.
Separation of expenses
I find the Aspire corporate card useful as it helps me to separate company and personal expenses. It is a hassle to remember to submit claims to the company if I use my personal credit card for company expenses.
Send notifications of payments
I like the feature where Aspire can send email and SMS notifications to the receiving party when I make invoice payments.
Slow loading of app and logins
It takes a few seconds for the Aspire app to load on my Samsung phone and probably another 10 seconds to login. No idea why it needs to take so long and I hope Aspire can improve on this aspect soon.