Volopay raises $29 mn from Winklevoss twins, JAM Fund, and others

Volopay, a Y Combinator-backed Singapore-based corporate cards and payable management start-up has raised $29 million in Series A, a mix of equity and debt, from the famous Winklevoss twins - Cameron and Tyler along with a global decacorn among others to enter the Indian market. With the investment, Volopay now eyes on the entire APAC region along with the MENA expansion after firmly placing itself into the Singaporean and Australian markets. Part of Series A funds will be put towards their forthcoming market launches, building and innovating new technologies to complement their existing product.

The Winklevoss twins, former Olympic rowers, are known for suing Facebook creator Mark Zuckerberg claiming he stole their idea for the social network platform.

The round in Volopay included participation from JAM Fund, Winklevoss Capital Management, Accial Capital, Rapyd Ventures, fintech veterans Jeffrey Cruttenden - CEO of Acorns, Sweta Rau - founder of White Ventures, Amrish Rau - CEO of Pine Labs and Jitendra Gupta - founder and CEO of Jupiter, along with Antler Global and VentureSouq.

“The market opportunity is massive. With India churning out several unicorn-level enterprises every year, it is indeed making a big wave on the global frontier,” said Rajith Shaji and Rajesh Raikwar, co-founders, Volopay. “And this is only the beginning. Accelerating their growth would require an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for.”

Since its seed funding, Volopay has grown exponentially to better alleviate its clients’ pain points. With an over 150 member team spread all over major business centres in the Asia Pacific region, such as Singapore, Australia, India, Indonesia, and the Philippines, Volopay has amassed a clientele with the likes of CoinDCX, Livspace, MPL, InVideo, and MX Media.

"Volopay is an ambitious project. To build an alternative to Volopay, you'd have to launch 5 different start-ups. We are building the control centre for modern companies for all their financial management needs,”  said Rajith Shaji. “Our platform is as easy and seamless to use for a 5-person company, as it is for a 500-person company. 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.”

The Singapore-based fintech start-up allows businesses to manage their money by providing a clear view of their financial health through modernization, automation, and enhancement of existing workflows and processes. Providing synchronal visibility, the platform streamlines expense workflows while giving real-time visibility and control over business spending.

Volopay said it is disrupting traditional business banking and aims to become the one-and-only solution for cards, invoice automation, and bill payments that growing, global businesses require. To achieve this, Volopay has embarked on the ambitious objective of building its own infrastructure and applying for financial licenses. This will enable their worldwide clients to eliminate the requirement for integration with numerous 3rd-party financial services platforms by building their own infrastructure.

"We've known and worked closely with Volopay's amazing team since the pre-seed stage. Given the strong growth momentum in the business, single stack scalable product across multiple jurisdictions, coupled with global opportunity in spend management, they have excited us to double down and lead the Series A round,” said Justin Mateen, co-founder, Tinder and Founder, JAM Fund who led the round.

Michael Shum, chief investment officer, Accial Capital said Accial Capital, views the B2B corporate spend vertical as a way to support entrepreneurs and SMEs with liquidity and close the credit gap. “Volopay has a great ambitious team focused on redlining the finance workflows with its robust technology,” said Shum.