Singapore: Volopay, a Singaporean startup providing expense tracking solutions to enterprises, announced today it has closed a seed funding round of US$2.1 million.
The investment round was led by Tinder founder Justin Mateen. Other investors joining the round were Soma Capital, CP Ventures, Y Combinator, VentureSouq, the founders of Razorpay (Shashank and Harshil), Antler, and other 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.
“I soon realized 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.