Volopay Raises US$29 Million Series A to Push APAC and MENA Expansion Plansby Fintech News Singapore March 1, 2022
Volopay, a Y Combinator-backed corporate cards and payable management startup, has raised US$29 million in its Series A round through a mix of equity and debt.
The investment round included participation from JAM Fund, Winklevoss Capital Management, Rapyd Ventures, Accial Capital, angel investor Jeffrey Cruttenden – CEO of Acorns along with Access Ventures, Antler Global, and VentureSouq.
Part of Volopay’s Series A funds will be put towards their forthcoming APAC and MENA market launches, building and innovating new technologies to complement their existing product, in addition to enhancing integrations with enterprise software and project management applications.
The company is also hiring aggressively for key positions in each of its markets.
Volopay provides companies with multi-currency wallets to hold money in their base currency and any major currency – USD, SGD, EUR, GBP – and subsequently use it for payouts, eliminating exorbitant amounts of FX charges levied on international payments.
The company has a 150+ member team spread all over major business centers in the Asia Pacific region, such as Singapore, Australia, India, Indonesia, and the Philippines.
Rajith Shaji, Co-founder and CEO of Volopay shared,
“We are building the control center for modern companies for all their financial management needs.
We want to take our vision of a unified spend management platform to all companies across the world after our initial markets of APAC and MENA.”
Rajesh Raikwar, Co-founder and CTO of Volopay said,
“With APAC & MENA making a big wave on the global stage by churning out several unicorn level enterprises every year, accelerating their growth requires an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for,”