HomeFinanceY Combinator backed fintech startup Volopay snaps $29 Mn in Series A round

Y Combinator backed fintech startup Volopay snaps $29 Mn in Series A round



Volopay, a Y Combinator-backed Singapore-based fintech startup has secured $29 Million in series A, a mix of equity and debt, to enter the Indian market. 

The round saw participation from JAM Fund, Winklevoss Capital Management, Accial Capital, Rapyd Ventures, fintech veterans Jeffrey Cruttenden (Founder of Acorns), Sweta Rau (Founder of White Ventures), Amrish Rau (CEO of Pine Labs), and Jitendra Gupta (Founder & CEO of Jupiter), along with Antler Global and VentureSouq.

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Speaking on the investment, Justin Mateen, founder of Tinder & JAM Fund said, “I’ve worked closely with Volopay’s amazing team since my original investment at the pre-seed stage. Given the accelerating growth of the business, and the team’s ability to innovate quickly on the product side with a single stack scalable platform across multiple jurisdictions, it was only natural to triple down and lead the Series A round. I am proud to partner with a leader in this space and to help support Volopay to scale to greater heights.”

With Volopay firmly placing itself into the Singaporean and Australian markets, it now eyes on the entire APAC region along with the MENA expansion on the horizon. 

“The highly anticipated Indian launch is crucial since the growth prospects are immense,” the statement said.

Speaking on the fundraise, Rajith Shaji and Rajesh Raikwar, cofounders of Volopay said, “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. 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.”

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The profound disconnect between the finance and business operations of most organizations is a major challenge. Volopay focuses on building processes essential to enhance the coaction of these two functions. Bringing these two silos together under a single roof, the system will naturally help businesses save time and money so they get to focus on more pressing matters. 

“Volopay is an ambitious project. To build an alternative to Volopay, you’d have to launch 5 different startups. We are building the control center for modern companies for all their financial management needs. 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,” Ranjith said.

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“Many of our competitors around the world will opt to integrate with 3rd-party infrastructure suppliers to provide financial services. This limits the type of products you can offer clients, and with each region playing host to its network providers, it is almost impossible to deliver a consistent and delightful customer experience for our global company clients operating in different parts of the world,” he said.

Adding to the statement, Ranjith said, “We are doing something no other company has done regionally, we are building our, own infrastructure. Not being held back by the limitations of an intermediary, this foundation will not only let us create highly innovative financial products, but also a pleasant and reliable customer experience across all our markets.” 

“We provide growing businesses, startups, and enterprises flexibility and a premium experience by issuing cards and processing money transfers – domestic and international. And in the case of a multinational company with entities spread across the globe, Volopay provides a single go-to-platform for everything money and finance to stay connected and up to date across their global locations and teams,” Rajith further added.

“Volopay’s foray into the Indian market is to tackle precisely the problem stated above by providing companies with multi-currency wallets to hold money in their base currency INR and any major currency – USD, EUR, GBP – and subsequently use it for payouts. This will help eliminate exorbitant amounts of FX charges levied on international payments,” the company said.

“Part of Volopay’s Series A funds will be put towards their forthcoming market launches, building and innovating new technologies to complement their existing product,” it said.

The company will be investing in enhancing its integrations with popular ERPs, HRMs, and CRM software along with leading project management applications. The company is also hiring aggressively for key positions in each of its markets.

Further talking about the investment round, Michael Shum, Chief Investment Officer at Accial Capital said, “Actual 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. We are proud to partner with a leader in this space to help scale.”


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Krishna Mali
Krishna Mali
Founder, CEO & Group Editor of TechGraph.

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