Singapore-based Volopay has raised US$29 million (S$39.3 million) in its Series A funding round which will drive its tech innovation and expansion across APAC, the Middle East and North Africa.
Backed by American technology start-up accelerator Y Combinator, Volopay combines business accounts, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation into a single platform.
The Series A round included JAM Fund, prominent American crypto investors Tyler and Cameron Winklevoss through their Winklevoss Capital Management, Accial Capital, Rapyd Ventures, angel investor Jeffrey Cruttenden of Acorns and also Access Ventures, Antler Global, and VentureSouq.
The funding round is a mix of equity and debt and will be used to tackle small business issues of high forex charges for overseas payments and the lack of a uniform platform to access spending data.
Volopay offers companies multi-currency wallets that hold their local currency as well as major currencies, which they can use to make international payments without exorbitant forex fees.
Since launching in Singapore and Australia, the start-up has spread across the Asia Pacific region; it is currently building its own infrastructure to enable global clients to avoid having to integrate with multiple third-party financial services platforms.
Volopay chief executive and co-founder Rajith Shaji said the company is building a control centre to cover all the financial management needs of modern companies.
“Our platform is as easy and seamless to use for a five-person company, as it is for a 500-person company,” Shaji said in a statement.
“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.”
Justin Mateen, founder of Tinder and JAM Fund who led the round, said he had worked closely with Volopay since his 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 and scalable platform across multiple jurisdictions, it was only natural to triple down and lead the Series A round,” Mateen said.