Volopay, a Singapore-based company that manages corporate cards and payables, has raised US$29 million in a Series A round led by Tinder Founder Justin Mateen’s JAM Fund.
Winklevoss Capital Management, Rapyd Ventures, Accial Capital, Access Ventures (Hong Kong), Antler Global, and VentureSouq (Dubai) are among the new investors. Jeffrey Cruttenden, the founder of Acorns and a fintech veteran, also took part in the round.
The funds (a mix of stock and debt) will be used by Volopay to grow into the Asia Pacific and the Middle East and North Africa (MENA) areas. It will also work to improve its connections with leading ERPs, HRMs, CRM tools, and project management software.
“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.
Volopay, a Y Combinator company, offers corporate cards, invoice automation, bill payments, and multi-currency business accounts without the bother and restrictions of a typical bank. Clients can store money in their base currency as well as any major currency (USD, SGD, EUR, GBP) and use it for payments using multi-currency wallets.
Volopay is constructing its own infrastructure and pursuing banking licenses in the markets where 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.
Volopay claims to have expanded to a 150-member team dispersed around the Asia Pacific, including Singapore, Australia, India, Indonesia, and the Philippines, since its inaugural investment. Funding Societies, Zipmex, Moneysmart, Smartkarma, and Austrionova are among its clientele.
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.”
