Volopay, a Singapore-based fintech startup, raised a $29 million Series A in debt and equity financing as it seeks to further expand its footprint in Asia-Pacific, the Middle East, and North Africa. Volopay has raised approximately $31.4 million since its inception in 2019, which includes its $2.1 million seed round last January. The startup will use the Series A proceeds to build new technologies that complement its existing product and enhance its integration with enterprise resource planning, human resource management and customer relationship management software. In addition, Volopay will hire aggressively in each of its new markets. Volopay’s platform provides startups and enterprises flexibility by issuing virtual and/or physical prepaid multicurrency corporate cards in their local currency (SGD, AUD, INR, IDR, PHP, etc.) with up to 5% cash back on all card transactions. The platform also processes domestic and international bank transfers with low foreign exchange rates and transaction fees.
Volopay’s users get access to multicurrency wallets, which support more than 65 major currencies in over 100 countries without foreign exchange charges levied on international payments, and expense management software that helps track and control all the expenses in real time. Since Volopay has entered the Singaporean and Australian markets, the startup now eyes the entire APAC region and MENA countries such as UAE, Saudi Arabia and Egypt, Shaji said in an interview, adding that the growth prospects in those countries are immense. Volopay has already seen its total payment value increase 98% monthly and its revenue jump 41% since its seed funding round, Shaji noted, although he didn’t provide a baseline. The company also has grown its team size from 20 to more than 150 employees and amassed over 700 customers with the likes of Funding Societies, Zipmex, Moneysmart, Smartkarma and Austrionova since the beginning of 2021. It’s promising growth like this that usually attracts new investors or solidifies support from previous investors. Volopay’s Series A round, for example, was led by JAM Fund, an existing investor. The round also included Winklevoss Capital Management, Rapyd Ventures, Accial Capital, co-founder of Acorns Jeffrey Cruttenden, Access Ventures, Antler Global and VentureSouq.