Fintech company Volopay raises $29M for regional expansion

 Fintech company Volopay raises $29M for regional expansion

SINGAPORE-BASED fintech start-up Volopay said it will use its recently secured $29 million from a Series A round to drive continued expansion and technology innovation.

“We’ll put the money we raised toward developing and creating new technologies to complement our current offering,” the company told BusinessWorld in an e-mailed reply to questions on Monday.

Some technologies they’re working to improve are ERP (enterprise source planning), HRM (human resources management), and CRM (customer relationship management) software, as well as top project management tools. 

“In the Philippines, we are also rapidly hiring for important positions such as operations, sales, administration, and others,” it added. Expansion in the country is slated for the 2nd quarter of 2022. 

Investors that participated in the round were JAM Fund, Winklevoss Capital Management, Accial Capital, Rapyd Ventures, Acorns CEO Jeffrey Cruttenden, Access Ventures, Antler Global, and VentureSouq.

Volopay was launched in 2019 as a business spending management platform that makes expense reports digital, fast, inclusive, and safe through the use of corporate cards and automated payables based on its own AI infrastructure.

The company said that it has grown exponentially since its seed funding in 2021, and now has a team of over 150 members spread across the Asia Pacific region, including Singapore, Australia, India, Indonesia, and the Philippines.

“The strategic investment from leading blue-chip investors will fuelVolopay’s foray into the Philippine market to tackle two of the most pressing problems that SMEs (small and medium enterprises) and startups face – high FX (foreign exchange) charges incurred for international payments and the lack of a uniform platform to access all spend data,” it said. 

It added that the platform provides companies with multi-currency wallets to hold money in Philippine Peso and any major currency and subsequently use it for payouts, eliminating “exorbitant amounts of FX charges levied on international payments.” 

Volopay co-founder and chief executive officer Rajith Shaji said in an official statement: “Volopay is an ambitious project. To build an alternative toVolopay, you would have to launch five different startups. We are building the control center for modern companies for all their financial management needs.” — Bronte H. Lacsamana