Volopay, a fintech firm based in Singapore, has raised US $29 million in Series A round on 1st March 2022, a mix of debt and equity investment to extend its Asia-Pacific, the Middle East, and North Africa footprint.
JAM Fund, an existing investor, led Volopay’s Series A investment. Winklevoss Capital Management, Rapyd Ventures, Accial Capital, Jeffrey Cruttenden, Acorns, Access Ventures, Antler Global, and VentureSouq were also part of the round.
Volopay has raised US $31.4 million in total since its beginning in 2019, including a US $2.1 million seed round last January, according to co-founder and CEO Rajith Shaji.
The Series A funds will help the firm to develop new technologies that complement the startup’s current offering and improve its integration with enterprise resource planning, human resource management, and customer relationship management software. Volopay will also actively hire in each of its new markets.
What the founder has to say:
“To provide financial services, many of our competitors around the world will prefer to integrate with third-party infrastructure vendors. This limits the types of things you may give your customers. It’s nearly hard to create a consistent and pleasurable customer experience for our global company clients operating in different regions of the world because each location has its network providers.”
-Rajith Shaji (CO-Founder)
What the investors have to say:
In a statement, Justine Maeteen, founder of Tinder and JAM Fund, stated, “I’ve worked closely with Volopay’s great team since my original investment at the pre-seed stage. Given the company’s rapid expansion and the team’s ability to quickly develop on the product side with a scalable single-track platform across various jurisdictions. It was logical to triple down and take the lead in Series A.”
About VoloPay:
Volopay, formed by Shaji and Rajesh Raikwar, the company’s chief technology officer, aims to disrupt traditional corporate banking by providing a control center for all of a company’s financial management needs without the trouble and limitations of a typical bank.
Volopay users also have access to multi currency wallets that handle over 65 major currencies in over 100 countries without incurring foreign exchange fees, as well as expenditure management software that allows them to track and control all of their expenses in real-time.
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