Volopay, a Y Combinator backed Singapore-based corporate cards and payable management start-up has raised $29 million in Series A, a mix of equity and debt, from Winklevoss twins – Cameron and Tyler along with a global decacorn among others to enter the Indian market.
Volopay now eyes on the entire APAC region along with the MENA expansion after firmly placing itself into the Singaporean and Australian markets. Part of Series A funds will be put towards their forthcoming market launches, building and innovating new technologies to complement their existing product, the fintech said in a release.
The round included participation from JAM Fund, Winklevoss Capital Management, Accial Capital, Rapyd Ventures, fintech veterans Jeffrey Cruttenden – CEO of Acorns, Sweta Rau – Founder of White Ventures, Amrish Rau – CEO of Pine Labs and Jitendra Gupta – Founder & CEO of Jupiter, along with Antler Global and VentureSouq.
Volopay said, since its seed funding it has grown exponentially to better alleviate its clients’ pain points. With a 150+ member team spread all over major business centres in the Asia Pacific region, such as Singapore, Australia, India, Indonesia, and the Philippines, Volopay has amassed an impressive clientele with the likes of CoinDCX, Livspace, MPL, InVideo, and MX Media.
Rajith Shaji and Rajesh Raikwar, Co-founders, Volopay said, “The market opportunity is massive. With India churning out several unicorn-level enterprises every year, it is indeed making a big wave on the global frontier. And this is only the beginning. Accelerating their growth would require an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for.”
Rajith added, “Volopay is an ambitious project. To build an alternative to Volopay, you’d have to launch 5 different start-ups. We are building the control centre for modern companies for all their financial management needs. Our platform is as easy and seamless to use for a 5-person company, as it is for a 500-person company. We want to take our vision of a unified spend management platform to all companies across the world after our initial markets of APAC and MENA.”
The Singapore-based Fin-tech start-up allows businesses to manage their money by providing a clear view of their financial health through modernization, automation, and enhancement of existing workflows and processes. Providing synchronal visibility, the platform streamlines expense workflows while giving real-time visibility and control over business spending.
Rajith said, “However, more work remains to be done in this industry. One of the most pressing problems that SMEs and start-ups face today is the high FX charges incurred for international payments and the lack of a uniform platform available to access all spend data. Volopay’s foray into the Indian market will tackle precisely the problem stated above by providing companies with multi-currency wallets to hold money in their base currency INR and any major currency – USD, EUR, GBP – and subsequently use it for payouts. This will help completely eliminate exorbitant amounts of FX charges levied on international payments.”
Justin Mateen, co-founder, Tinder & Founder, JAM Fund who led the round, said in a statement, “We’ve known and worked closely with Volopay’s amazing team since the pre-seed stage. Given the strong growth momentum in the business, single stack scalable product across multiple jurisdictions, coupled with global opportunity in spend management, they have excited us to double down and lead the Series A round. We are delighted to work with a pioneer in this sector and assist them in reaching new heights.”
Michael Shum, Chief Investment Officer, Accial Capital said, “Accial Capital views the B2B corporate spend vertical as a way to support entrepreneurs and SMEs with liquidity and close the credit gap. Volopay has a great ambitious team focused on redlining the finance workflows with its robust technology. We are proud to partner with a leader in this space to help scale.”