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Singapore-based Volopay accelerates APAC and MENA expansion with $29M Series A


Volopay, a fintech business headquartered out of the Singaporean capital market, has secured a $29 million Series A round of debt and equity funding to grow further its presence in Asia-Pacific, the Middle East, and North Africa.

According to co-founder and CEO Rajith Shaji, Volopay has secured about $31.4 million in total funding since its launch in 2019, which includes a $2.1 million seed round last January. The CEO did not offer value for Volopay’s stock.

Aiming to disrupt traditional business banking, Volopay was founded by Shaji and its chief technology officer, Rajesh Raikwar, to provide businesses with a control center for all of their financial management needs without the hassle and limitations of a traditional banking institution.

The business intends to utilize the cash from the Series A round to develop new technologies that will complement its current product and improve its interaction with enterprise resource planning, human resource management, and customer relationship management software, among other applications. In addition, Volopay intends to employ aggressively in its newly established markets.

Businesses and startups may take advantage of Volopay’s platform by providing virtual and physical prepaid multicurrency corporate cards in their local currency (SGD, AUD) and up to 5 percent cash back on all card transactions (INR, IDR, PHP, and other currencies). It also handles local and international bank transfers, with cheaper foreign currency rates and transaction costs than traditional methods.

The company also provides its customers with multicurrency wallets that support more than 65 major currencies in over 100 countries without the need to pay foreign exchange fees on international payments and expense management software that allows them to track and control all of them their expenditures in real-time.

As Rajith explained to Dailion, “many of our rivals throughout the globe will prefer to interface with third-party infrastructure vendors to offer financial services.” “This limits the range of things you may provide to your customers.” We find it almost hard to create a consistent and pleasurable customer experience for our worldwide enterprise clients that operate in various regions of the globe since each location is home to its network providers.”

Since entering the Singaporean and Australian markets, Volopay has expanded its focus to include the entire APAC region as well as MENA countries such as the United Arab Emirates, Saudi Arabia, and Egypt, according to Rajith in an interview, who added that the growth prospects in those countries are enormous.

According to Shaji, “With APAC and MENA churning out multiple unicorn level firms every year, it is having a significant impact on the global frontier.” “To accelerate their expansion, they would want an effective spending management product that is easy to use but yet scalable, which is something that Volopay has always strived to provide.”

Although Shaji could not offer a baseline, Volopay has already seen its total payment value grow 98 percent monthly and its income rise 41 percent since raising its initial investment round, according to the company’s founder and CEO, Shaji. Since 2021, the firm has increased its team size from 20 to more than 150 people. It has gained over 700 clients from Funding Societies, Zipmex, Moneysmart, Smartkarma, and Austrionova.

Generally, growth is promising that attracts new investors or helps maintain the support of existing investors over time. Volopay’s Series A round, for example, was headed by JAM Fund, which was already an investor in the company. Among the other investors in the round were Winklevoss Capital Management, Rapyd Ventures, Accial Capital, co-founder of Acorns Jeffrey Cruttenden, and VentureSouq. Winklevoss Capital Management was the lead investor.

According to Justine Maeteen, co-founder of Tinder and JAM Fund, “I’ve worked directly with Volopay’s fantastic team from my first investment at the pre-seed stage.” In light of the company’s rapid expansion and the team’s ability to develop swiftly on the product side using a single-track scalable platform across many countries, we believe this is an excellent investment. “It was only logical for us to triple down and take the lead in the Series A round,” says the coach.

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