Volopay raises US$29M Series A to expand corporate cards biz to APAC, MENA

Singapore-based corporate cards and payable management startup Volopay has secured US$29 million in a Series A round of investment, led by Tinder Founder Justin Mateen’s JAM Fund.

Winklevoss Capital Management (US), Rapyd Ventures (US), Accial Capital (US), Access Ventures (Hong Kong), Antler Global, and VentureSouq (Dubai) also joined. Fintech veteran and Acorns Founder Jeffrey Cruttenden also participated in the round.

Volopay will use the funds (a mix of equity and debt) to expand into the Asia Pacific and the Middle East and North Africa (MENA) regions. It will also look to enhance its integrations with popular ERPs, HRMs, CRM software tools, and project management applications.

“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,” Rajith Shaji and Rajesh Raikwar, Co-Founders of Volopay, said in a joint statement.

Also Read: Volopay raises US$2.1M from Tinder co-founder, others to make expense tracking easier for startups

A Y Combinator startup, Volopay provides businesses with corporate cards, invoice automation, bill payments, and multi-currency business accounts without the hassle and limitations of a traditional bank. The multi-currency wallets enable clients to hold money in their base currency and any major currency (USD, SGD, EUR, GBP) and subsequently use it for payouts.

Volopay is building its own infrastructure and applying for financial licences in the markets it operates.

“Many of our competitors around the world will opt to integrate with third-party infrastructure suppliers to provide financial services. It limits the type of products you can offer clients. With each region playing host to its own network providers, it is almost impossible to deliver a consistent and delightful customer experience for our global company clients operating in different parts of the world,” Shaji commented.

“We are doing something no other company has done regionally; we are building our own infrastructure. Not being held back by the limitations of an intermediary, this foundation will not only let us create highly innovative financial products but also a pleasant and reliable customer experience across all our markets,” Shaji added.

Since its seed funding, Volopay claims to have grown to a 150+ member team spread Asia Pacific, such as Singapore, Australia, India, Indonesia, and the Philippines. Its clients include Funding Societies, Zipmex, Moneysmart, Smartkarma, and Austrionova.

Michael Shum, Chief Investment Officer at 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.”
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