According to sources, Volopay, a Singapore-based fintech firm, would spend US $25 million to accelerate its development into India, Indonesia, and the Philippines by the end of the third quarter of this year.
Volopay will spend $15 million in India by the end of the month, with the remainder going toward the commencement of operations in Indonesia and the Philippines by the end of Q3.
Volopay, which was founded in 2019, provides expenditure approvals, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation all on one platform. Through its corporate card for entrepreneurs, it gives a 2% payback on all software subscriptions, hosting, and foreign travel.
The cash collected from its series A fundraising round, headed by Justin Mateen, creator of Tinder and Jam Fund, would be used for expansion. It will also begin operations in West Asia in the first quarter of 2023.
While Volopay has no intentions to spend capital in Indonesia or the Philippines, the monies put aside for entering India will be used for product development, increased employment, and sales and marketing.
The company now employs 180 people in India, Singapore, Australia, the Philippines, and Indonesia. It plans to hire another 20 people in product, customer support, and sales jobs before the end of the year.
Volopay’s Singapore unit has “excellent” gross profit margins and good unit economics, according to the company. However, the firm has yet to achieve profitability due to significant expenditure on expansion plans, it noted.
Volopay has also joined with Visa’s Fintech Fast Track Program to offer its own Visa cards to Asia Pacific client firms. The initiative also provides Visa assistance to the Singapore-based fintech startup.
