Volopay raises $29M for regional expansion.

 Volopay raises $29M for regional expansion.

Volopay, a Singapore-based fintech startup, has raised $29 million in a Series A funding round led by Greenoaks Capital and joined by investors including Partech, Y Combinator, and Soma Capital. The funds will be used to expand Volopay’s operations across the Asia-Pacific region, including Australia, New Zealand, and Japan.

Volopay was founded in 2019 by Rajith Shaji and Rajesh Raikwar, who saw a gap in the market for a corporate card and expense management platform that was easy to use and provided real-time insights into spending. The platform allows businesses to issue virtual and physical cards to employees, set spending limits, and track expenses in real-time.

Since its launch, Volopay has seen rapid growth, with over 1,000 businesses in Singapore using the platform. The startup plans to use the new funding to expand its customer base across the Asia-Pacific region, with a focus on small and medium-sized enterprises (SMEs).

“We believe that SMEs are the backbone of the economy, and they deserve access to the same financial tools and services as larger corporations,” said Rajith Shaji, co-founder and CEO of Volopay. “Our platform is designed to make it easy for SMEs to manage their expenses and cash flow, so they can focus on growing their business.”

Volopay’s expansion plans include launching in Australia and New Zealand later this year, followed by Japan in 2022. The startup also plans to expand its product offerings, including adding new features to its expense management platform and launching a business banking service.

“We’re excited to partner with Volopay as they continue to expand their operations across the Asia-Pacific region,” said Neil Mehta, partner at Greenoaks Capital. “Their platform is solving a real pain point for businesses, and we believe they have the potential to become a leading fintech player in the region.”

With the new funding, Volopay is well-positioned to achieve its ambitious growth plans and become a major player in the corporate card and expense management space in the Asia-Pacific region.