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

Infosys shifting from IT services to hyper automation and analytics

Infosys is preparing for the AI revolution, a shift from IT services to hyper automation and analytics IT major Infosys has been making progress in exponential technologies such as Artificial Intelligence (AI), a significant shift from the usual IT services. This has been further accelerated by the lockdown and subsequent need to adopt AI and cloud based […]

Three Avenues to foster an edge to win in Digital Business

Digital business is the creation of new business designs by blurring the digital and physical worlds. It promises an unprecedented convergence of people, businesses and things that changes existing business models and creates new revenue opportunities. Executing digital business will require a digital platform that evolves as business opportunities and threats change. Also, to enable this, […]

Using AI to Outwit Malicious AI

Robust Intelligence is among a crop of companies that offer to protect clients from efforts at deception. IN SEPTEMBER 2019, the National Institute of Standards and Technology issued its first-ever warning for an attack on a commercial artificial intelligence algorithm. Security researchers had devised a way to attack a Proofpoint product that uses machine learning to identify spam emails. The system produced email headers […]

CES 2021 conference stress importance of security education

Experts at the CES 2021 conference stress importance of security education The “second age” of quantum computing is poised to bring a wealth of new opportunities to the cybersecurity industry – but in order to take full advantage of these benefits, the skills gap must be closed. This was the takeaway of a discussion between […]

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

3AI Digital Library