Singapore-based FinTech startup Volopay has raised US$29 million funding through debt-equity combination in a Series A funding round to fuel its expansion plans in Asia-Pacific, North Africa, and the Middle East.
The funding round was led by Winklevoss twins- Tyler and Cameron along with participation from Winklevoss Capital Management, JAM Fund, Accial Capital, and Rapyd Ventures. FinTech veterans Jeffrey Crtutenden-CEO of Acorns, Amrish Rau-CEO of Pine Labs, Sweta Rau-Founder of White Ventures, and Jitendra Gupta- Founder and CEO of Jupiter, along with Antler Global and VentureSouq.
Since its inception in 2019, the startup has raised approximately US$31.4 million including US$2.1 million Seed round in January 2021.
Volopay will be using the fresh funding to build new technologies that complement the existing product and enhance its integration with enterprise resource planning, human resource management and customer relationship management software. Besides that, the company also look at hiring aggressively in all new markets.
Cofounder Rajith Shaji said, “Volopay is building the control centre for modern companies for all their financial management needs. One of the most pressing problems that SMEs and startups face today is the high forex charges incurred for international payments and the lack of a uniform platform available to access all spend data. Volopay addresses these issues.”
Volopay was founded by Rajesh Raikwar and Rajith Shaji in 2019 that aims at making expense reports digital, fast, inclusive, and safe. It is the first AI-based real-time expense management software- a business management solution to streamline expense workflows while giving real-time visibility and control over business spending.
The FinTech platform provides startups and enterprises flexibility by issuing virtual and/or physical prepaid multicurrency corporate cards in their local currency with up to 5% cash back on all card transactions. Volopay also processes domestic and international bank transfers with low foreign exchange rates and transaction fees.
In addition, users get access to multicurrency wallets, which support over 65 major currencies in more than 100 countries without foreign exchange levied on international payments, expense management software that helps track and control all expenses in real-time.