Volopay co-founders Rajith Shahi (R) and Rajesh Raikwar
Volopay, a Singaporean startup providing expense tracking solutions to enterprises, announced today it has closed a seed funding round of US$2.1 million from Tinder co-founder Justin Mateen.
The round also saw participation from Soma Capital, CP Ventures, Y Combinator, VentureSouq, and founders of Razorpay Shashank Kumar and Harshil Mathur, besides a few unnamed prominent angel investors.
Volopay intends to use the new funding for hiring, product development, international expansion, as well as to build strategic partnerships.
Launched in January 2019 by Rajith Shaji (CEO) and Rajesh Raikwar (CTO), Volopay was born when the co-founders experienced the hurdles of tracking different company spendings such as subscriptions, vendor payments and employee reimbursements.
“The whole process was broken. I would spend hours noting down each individual spend and then have to reconcile it with receipts. Once submitted through the company’s expense platform, I would wait a whole month before being reimbursed the funds,” Shaji said.
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“I soon realised employee expenses and shared bank cards was a huge problem for businesses of all sizes, especially startups; they were losing countless hours each month going through bank statements and reconciliation. The lack of visibility meant they were losing money due to unaccounted expenses. Volopay sets out to re-imagine business banking for startups and tech companies while providing significant cash-back and saving,” he added.
Volopay is an all-in-one platform that combines expense approvals, corporate cards, bill payments, expense reimbursements, credit, cashback and accounting automation.
The app is free to use and the firm earns money through interchange fees that credit cards charge merchants. This also allows Volopay to offer users perks such as cashback deals.
Its “corporate card for startups” offering provides companies with a two per cent cashback on all software subscriptions, hosting and international travel, which Volopay terms as “the three main categories of expense in every single tech company”.
Volopay platform
The company calms it has over 100 Singaporean companies on its platform, which include Smart Karma, Dathena, Medline, Sensorflow and Beam.
In addition to this development, Volopay said it will also be launching its services in Australia in late January and claims to have had built a sizeable waitlist of customers ahead of the launch. It has already partnered with an Australian cross-border financial startup and integrated its API on its platform.
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“To fast track our customer offering, we have chosen to integrate with fintech giant Airwallex’s API suite. We were impressed with how easy Airwallex’s API technology integrated with the Volopay platform, providing us with robust payment and issuing capabilities,” Shaji noted.
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Image Credit: Volopay
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