Singapore-based fintech firm Volopay has raised $29m in a mix of equity and debt from investors in a Series A led by Justin Mateen, the co-founder of Tinder.
Other notable investors that participated in the Series A round include Acrons chief executive Jeffrey Cruttenden, Winklevoss Capital Management, Rapyd Ventures, Accial Capital, Access Ventures, VentureSouq, and Antler Global.
Volopay was founded in 2019 by former MoneySmart Group employees Rajith Shaji and Rajesh Raikwar. The startup offers businesses with multi-currency corporate cards, invoice automation, bill payments, and multi-currency business accounts. The multi-currency wallet enables our customers to hold money in their base currency and any major currency (USD, SGD, EUR, and GBP) and subsequently use it for payouts. It also offers a 2% cashback on all software subscriptions, hosting, and international travel through its corporate card startups.
In a recent statement, Volopay stated that it will use the funding to expand its operations into the Asia Pacific and the Middle East, and North Africa targetting high foreign currency exchange charges on international payments, and addressing the lack of a uniform platform to access spending data.
The Co-Founders of Volopay said in a joint statement “With APAC and MENA 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.”
However, it seems that Volopay has set its sights on even bigger targets as Co-Founders Rajith Shaji and Rajesh Raikwar stated that they want to take their vision of a unified spend management system across the world after their expansion into the APAC and MENA markets.
Part of the funds will also be used for market launches as well as for building technologies to complement its existing product and developing integrations with enterprise software and project management applications. The company is hiring aggressively for key positions in each of its markets.
Volopay has over 150 employees in countries such as Singapore, Australia, India, Indonesia, and the Philippines. The list of clients includes Funding Societies, Zipmex, Moneysmart, Smartkarma, and Austrionva.