SME Neobank Volopay Raises $29 Million as it Preps for APAC, MENA Expansion

Singapore-based Volopay, a Y Combinator-backed neobank that offers corporate cards, payable management, business accounts, payments and more, has raised $20 million in a Series A funding round with a combination of debt and equity. The company did not share the details on the funding beyond the total received.

Investors in the Fintech included JAM Fund, Winklevoss Capital Management, Rapyd Ventures, Accial Capital, Jeffrey Cruttenden – CEO of Acorns as well as Access Ventures, Antler Global, and VentureSouq.

Volopay said the money will boost its expansion into the APAC and MENA regions to offer SMEs and startups solutions to expensive Forex (FX) services for international payments and the lack of a uniform platform to access all spend data. Volopay wants to disrupt the traditional business banking industry as a one stop digital operation for global financial services.

Volopay provides companies with multi-currency wallets to hold money in their base currency and any major currency – USD, SGD, EUR, GBP – and subsequently use it for payouts, eliminating exorbitant amounts of FX charges levied on international payments. 

Volopay reports that it currently has a 150+ member team spread all over major business centres in the Asia Pacific region,  with a solid list of clientele like Funding Societies, Zipmex, Moneysmart, Smartkarma, and Austrionova among others.

Volopay reports that is building its own infrastructure and applying for financial licenses in its markets, something no other company has done regionally.

Rajith Shaji, cofounder and CEO of Volopay commented:

“Volopay is an ambitious project. To build an alternative to Volopay, you would have to launch five different startups. We are building the control centre for modern companies for all their financial management needs. Our platform is as easy and seamless to use for a five-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.”

Rajesh Raikwar, cofounder and CTO of Volopay, said that with APAC & MENA making a big wave on the global stage by churning out several unicorn level enterprises every year, accelerating these companies growth requires an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for.

Justin Mateen, founder of Tinder and JAM Fund, shared that given the accelerating growth of the business, and the team’s ability to innovate quickly it was only natural to triple down and lead the Series A round.

Beyond Singapore, Volopay is operating in Australia and is now moving into India, Indonesia, and the Philippines with MENA expansion in the near future.

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