Singapore-based Volopay accelerates APAC and MENA expansion with $29M Series A

Volopay raised $29 million in debt and equity financing to help it expand into Asia-Pacific, the Middle East and North Africa.

The company has raised over $30 million since it was founded, including its seed round last January, according to Rajith Shaji, co-founder and CEO. The executive did not give a valuation.

Shaji is the founder of Volopay, a startup that wants to disrupt traditional business banking and offer companies a control center for all their financial management needs without the hassle and limitation of a traditional bank.

The startup will use the Series A proceeds to build new technologies that complement its existing product and enhance its integration with enterprise resource planning, human resource management and customer relationship management software. Volopay will hire aggressively in each of its new markets.

The platform of Volopay gives startups and enterprises flexibility by issuing virtual and/or physical corporate cards in their local currency with up to 5% cashback on all card transactions. Domestic and international bank transfers can be made with low foreign exchange rates and transaction fees.

Users of Volopay get access to multicurrency wallet, which supports more than 65 major currencies in over 100 countries without foreign exchange charges, and expense management software that helps track and control expenses in real-time.

Many of our competitors around the world will integrate with third-party infrastructure suppliers to provide financial services. It is almost impossible to deliver a consistent and delightful customer experience for our global company clients operating in different parts of the world.

Rajith said in an interview that the startup now looks at the entire APAC region and the Middle East and North Africa countries.

Shaji said that it is making a big wave on the global frontier with several unicorn level enterprises every year.

Shaji didn't provide a baseline, but he noted that Volopay has seen its total payment value increase 98% monthly and revenue jump 41% since its seed funding round. Since the beginning of the year, the company has grown its team size from 20 to more than 150 employees and gained over 700 customers with the likes of Funding Societies, Zipmex, Moneysmart, Smartkarma and Austrionova.

It's promising growth like this that attracts new investors. JAM Fund is an existing investor in Volopay's Series A round. Accial Capital, co- founder of Acorns, was one of the participants in the round.

Since my initial investment at the pre-seed stage, I have worked closely with the team at Volopay. It was natural to lead the Series A round.

Singapore-based Volopay wants to be the ‘Brex of Southeast Asia’