Funding Payments

Volopay Gets In-Principle Approval From MAS for Payment License

Volopay, a Y Combinator-backed corporate cards and payable management startup, has secured in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

The firm’s payment services namely account issuance, e-money, domestic money transfer and cross-border money transfers will now be regulated under the Payment Services Act.

Volopay said that the approval will enable it to “strengthen its foothold and services in its home city-state of Singapore” and “maximise its existing services to Singapore-based companies that have a regional presence across APAC”.

Launched in 2020, Volopay is a partner of Visa and currently offers expense management, invoice handling, accounting integrations, department-specific finance management, reimbursements, and corporate cards.

Volopay had raised US$29 million in its Series A round through a mix of equity and debt in March 2022. The firm which was initially only serving Singapore and Australia, had also rapidly expanded its footprint by breaking into new markets namely India and Indonesia last year.

Rohit Bhageria

Rohit Bhageria, Founding Member of Volopay said,

“The license will allow us to operate an end-to-end stack including customer onboarding, front-end digital experience, distribution network and direct card issuance capabilities with the help of network and schemes.

With this, we can significantly boost our net profit margins and make Singapore an important and key business unit, entirely profitable (standalone basis) by the end of 2023 or mid-2024.”

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