Fintech startup Volopay raises $2.1M in seed round

3AI January 26, 2021

Singapore-based fintech startup Volopay has raised $2.1 million in seed funding to provide businesses and startups in the Asia Pacific region a powerful control center for all their financial needs.

Singapore-based fintech startup Volopay has raised $2.1 million in seed funding. The company said it wants to use the funding to provide businesses and startups in the Asia Pacific region a powerful control centre for all their financial needs.

The latest funding round was led by Tinder founder Justin Mateen. The round also saw participation from Soma Capital, CP Ventures, Y Combinator, VentureSouq, the founders of Razorpay – Shashank Kumar and Harshil Mathur, and other prominent angel investors.

The company said new funds will be used for hiring, product development, international expansion, and strategic partnerships.

Founded in 2019 by Rajith Shaji and Rajesh Raikwar, Volopay was started out of a personal experience. The co-founders were working at a leading financial services comparison platform based in Singapore, and realised it was challenging to track different company spending like subscriptions, vendor payments, and employee reimbursements. Rajith said, “I realised employee expenses and shared bank cards was a huge problem for businesses of all sizes, especially startups. 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.”

The team said more than 100 companies have started using the product in Singapore and these include Smart Karma, Dathena, Medline, Sensorflow, and Beam. The company stated the COVID-19 environment has accelerated the need for SMEs to digitise their operations so they are better able to scale and serve their customers in interactions which are now often done remotely or digitally.

Jimmy Lee, Director of Finance at mobility startup Beam, said: “Volopay is the expense management tool to look out for. They’ve innovated quickly in the past few months to build products that helped us to reduce time, effort, and cost in expense management and giving us generous cashback on card spending”.

The startup has also integrated with fintech giant Airwallex’s API suite. “We are excited to be Volopay’s chosen API partner at such a significant stage of the company’s growth. Airwallex’s purpose is to empower businesses like Volopay to grow without borders and as a result, contribute to the growth of the global economy,” said Dave Stein, Head Of Corporate Development at Airwallex.

The platform offers companies business accounts, corporate cards, money transfers, expense tracking, subscription management, and accounting all in one single platform. It also has a corporate card for startups.

In a statement, Y Combinator partner Gustaf Alstromer said: “Helping companies with tools that make it easier to do business and get their expenses under control is a huge opportunity globally, especially in the post-COVID world. Volopay has already shown they are ready to create the financial control centre for businesses of all sizes that need to grow and scale. We have seen this already with Brex in the USA, and see that Volopay is on a similar trajectory to empower businesses across the Asia Pacific.”

Volopay currently operates in Singapore and said it plans to expand across the Asia-Pacific region over the next three years. The startup will be launching operations in Australia in late January 2021.

Picture from freepik.com

Telco Evolution: Expanding Beyond the Core

Featured Article: Author: Siddharth Shah, Airtel In today’s rapidly changing digital world, telecom players are undergoing a transformation from being mere connectivity service providers to becoming comprehensive digital platforms. This is driven by the interplay of dynamically evolving customer expectations and opportunities for long-term growth. Telcos are diversifying their offerings and in fact, a McKinsey […]

Hospitals are using Distributed Ledger in the vaccine rollout

Two British hospitals are using a distributed ledger to track the cold storage of sensitive COVID-19 vaccines The mass campaign to inoculate millions against COVID-19 was always going to be a monumental challenge. The fact that some vaccines are rendered useless if not kept at ultralow temperatures only complicates matters. The U.K.’s National Health Service, […]

IoT devices at risk from Amnesia:33

A new series of vulnerabilities dubbed Amnesia:33 puts millions of IoT devices at risk of being compromised. Security researchers from Forescout disclosed the 33 vulnerabilities today. The flaws are found in four open-source TCP/IP libraries used in the firmware of products from over 150 vendors. According to the researchers’ estimates, millions of consumer and enterprise […]

BigBasket sues a bootstrapped startup Daily Basket for using the word basket in its name

Founder of Daily Basket Ramesh Vel has launched a website – “bbisabully”, calling out the billion dollar startup. Vel wrote on the website that BigBasket is fighting with a mere two person startup and said that it doesn’t have the ‘mighty power & money’ BigBasket has. BigBasket sent Daily Basket a cease and desist letter, […]

India's largest platform and marketplace for GCC & AI leaders and professionals

3AI Digital Library