​​The latest on Aspire and Grab

Aspire courts more startups via Antler. Grab, meanwhile, makes a move beyond Southeast Asia.

Read from your browser Daily Newsletter Welcome to Tech in Asia's daily newsletter, your essential dose of Asia's tech and startup buzz. Subscribe to this newsletter or send story tips to editors@techinasia.com. Ensure our articles appear in your Google searches: IN FOCUS Aspire banks on startup growth to target 2027 breakeven Making sense of Grab's latest acquisition External audit on Ayoconnect concludes after six months Hello Betamax, Last week, the CEO of a US-based VC firm told me that Southeast Asia needs more founder-led funds because it's different when you have VCs who have been operators themselves. The idea is that having experienced the pain points of running a company themselves, entrepreneurs are now in a better position to devise the solutions needed. Aspire CEO and co-founder Andrea Baronchelli reaffirmed this in our recent interview, stressing that this is exactly his company's edge. While other financial institutions crowd into what they see as a fast-growing SME market, Aspire is betting on a more targeted pitch. For instance, Baronchelli shares that after navigating the hurdles of trying to earn higher returns on the firm's bank balances, the company built Aspire Yield to address that gap. The product allows businesses to earn returns on their idle funds in Singapore dollars or US dollars, which they can easily cash out. Today's featured story dives into the company's target to break even by 2027 and how betting on startups and mid-sized companies could get it there. In other news, Grab yesterday announced an acquisition of Stash Financial, a New York-based investing firm serving predominantly US customers, for US$425 million. While both firms have apparent synergies given Grab's growing financial services business, it's a curious move nonetheless and could signal where Grab's ambitions lie beyond the region. We unpack that more in this issue. Melissa Goh, senior editor TOP STORY Aspire targets 2027 breakeven, taps Antler for startup push Competition in the business banking and enterprise resource planning software space is intensifying, with more firms - fintech companies and traditional financial services alike - targeting the industry. Rather than chasing after enterprises, Aspire is remaining squarely focused on serving startups and mid-market businesses - and growing with them as they scale. A partnership with early-stage investor Antler could further grow its base of startups and SME customers. SPOTLIGHT Why is Grab breaking into the US financial services market? Fresh off its first full year of net profit, Grab announced its acquisition of Stash Financial - a New York-based investing platform. The deal is subject to regulatory approval and expected to close in Q3 this year. It's a curious step for a super app whose 50 million monthly transacting users are based predominantly in Southeast Asia. Unlike Grab's investment in Michigan-based autonomous vehicle services firm May Mobility last year, which gave it access to a key technology, Stash will bring along an active user base of American customers. Grab said it plans to support Stash's continued growth in the US market. The super app will also be exploring, in the longer term, how it can bring the latter's investing solutions - including an AI money coach product that provides personalized financial advice - and apply that to its ecosystem of users in Southeast Asia. Grab-owned digital bank GXS already offers investment services, but this would expand and accelerate its footprint in mass market investing. At 36%, Grab's financial services revenue grew faster than mobility and delivery services between FY2023 and FY2024, though the segment was the only business unit still negative on an EBITDA basis. Stash, with a million paying subscribers, adds an instant recurring, high-margin subscription revenue to the mix. Does this signal the start of a deeper push by Grab into the US? Grab's investment in Stash, after all, marks the third investment it's made in a US company in the span of six months. (It also invested US$60 million in Las Vegas-based Vay, a remote driving tech platform provider, last November.) For now, the answer to that question is unclear. A Grab spokesperson tells us the firm's long-term strategy remains "firmly rooted in Southeast Asia," though it intends to strategically pursue new assets that are complementary to its super-app tech. Rather than selectively growing its footprint in the US, Grab is market-agnostic as far as acquiring the relevant tech knowhow and teams is concerned. Growing its business organically also remains a key focus, a Grab spokesperson adds. Stash wouldn't be Grab's first rodeo with financial services. In 2023, it sunset AutoInvest - a microinvestment product it acquired through its purchase of wealth tech startup Bento - because the business wasn't "commercially viable." TRENDING NEWS 1️⃣ Ayoconnect concludes external audit, aims for profit in H1 2026 The audit was initiated last year by Mandiri Capital Indonesia, which was weighing whether to join the firm's bridge round at the time. The Indonesian fintech firm says it has begun implementing five recommendations from the audit and expects to fully execute them by this quarter. 2️⃣ Malaysia's PayNet, India's NPCI to launch cross-border QR payments For starters, the partnership will allow Indian travelers in Malaysia to pay using UPI-enabled apps at local merchants that accept DuitNow. 3️⃣ Apple's Siri upgrade faces delays after testing issues The upgrade, which has been delayed several times, would have included new features like letting users control Apple and other third-party apps through voice. 4️⃣ Coinbase unveils wallets for AI agents to manage crypto These wallets will enable AI agents to independently execute trades, spend, and earn, though with limits - like how much agents can spend per session, and individual transaction sizes - set by the user. 5️⃣ Zhipu debuts open-source model GLM-5 in race with Gemini, Claude According to Zhipu, GLM-5 has improved coding and automation performance which beats Google DeepMind's Gemini 3 Pro in internal tests but lags behind Anthropic's Claude on coding benchmarks. SHARE A TIP. STAY IN THE LOOP. With Valentine's Day happening tomorrow, we're sending some appreciation to our readers. If our reporting has informed your work, challenged your thinking, or simply kept you ahead of the curve, consider supporting us with a subscription: Subscribe here. We're also grateful to those who've shared tips and leads. If you spot something worth a closer look - a quiet pivot, a discreet shutdown, an unusual deal - reach out at editors@techinasia.com or contact any of our journalists directly. We're listening. INSIDE THE AI SOUTHEAST ASIA 2026 LAUNCH Highlights from the exclusive in-room event The exclusive launch of the AI in Southeast Asia 2026: An Era of Opportunity report, held on February 11, brought together senior enterprise leaders and AI decision-makers for a focused, in-room discussion on how AI is being scaled across the region. Among its highlights was a fireside chat with Josephine Teo, Singapore's minister for digital development and information. Various dialogues further reinforced how Southeast Asia can scale AI responsibly at both enterprise and ecosystem levels. The session also featured insightful contributions from: Ih-Ming Chan, executive vice president of the Singapore Economic Development Board (EDB), who emphasized how Southeast Asia's competitiveness and high demand for AI drive the region's AI adoption maturity at scale Daniel Pacthod, senior partner at QuantumBlack (AI by McKinsey), who moderated the fireside chat and guided the discussion on enterprise readiness and responsible AI adoption Vivek Lath, partner at McKinsey & Company, who presented report insights on moving beyond pilots and translating AI ambition into measurable business impact A big thank you to our partners, EDB and McKinsey & Company, for putting together and shaping the CXO closed-door roundtable and the exclusive report launch. We also extend our appreciation to the senior leaders who shared their candid perspectives during the roundtable, as well as the attendees who attended the launch and engaged with the report's findings. Download the full report now to explore the data, insights, and implications shaping Southeast Asia's next phase of AI adoption. EVENTS HAPPENING You can also check out our curated list of trending tech events and Tech in Asia's signature events. Peak State: The Mindset of the World's Top Performers We're going behind the scenes with leaders who don't just talk about discipline but live it. Grace Park and Cole Sirucek, co-founders of DocDoc, have built a patient-empowerment engine that spans multiple markets and has partnered with global giants like AXA and Aon. Rob Bier, who has helped scale over 40 growth companies, will be facilitating an interactive workshop that explores how top leaders can develop judgment, culture, and decision discipline alongside intelligent machines. 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