Volopay, a Y Combinator-backed Singapore-based corporate cards and payable management startup announced it has raised $29 million in Series A, a mix of equity and debt, from the famous Winklevoss twins - Cameron and Tyler along with a global decacorn among others to enter the Indian market.
With the investment, 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, it said in a press statement.
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.
Since its Seed funding, Volopay said 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.
On the growth expansion and investment, Rajith Shaji and Rajesh Raikwar, Co-Founders, Volopay said, “The market opportunity is massive. 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 fintech startup 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.
Issues faced by SMEs, startups
Shaji 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.”
Volopay is disrupting traditional business banking and aims to become the one-and-only solution for cards, invoice automation, and bill payments that growing, global businesses require. To achieve this, Volopay has embarked on the ambitious objective of building its own infrastructure and applying for financial licenses. This will enable their worldwide clients to eliminate the requirement for integration with numerous 3rd-party financial services platforms by building their own infrastructure, resulting in a consistent and pleasurable customer experience regardless of the location they operate in, the statement added.
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."
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.”
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