Manila, Philippines – Singapore-based fintech Volopay has successfully raised US$29m in its latest series A funding, which they aim to fuel their expansion into the Philippines. Said investment round was made possible by JAM Fund, the Winklevoss Capital Management, Rapyd Ventures, Accial Capital, fintech veteran and angel investor Jeffrey Cruttenden, CEO of Acorns.
Other investors present include Access Ventures, Antler Global, and VentureSouq.
Volopay’s foray into the Philippine market aims to tackle two of the most pressing problems that SMEs and startups face: high Forex (FX) charges incurred for international payments and the lack of a uniform platform to access all spend data.
Through the market expansion, Volopay provides companies with multi-currency wallets to hold money in PHP and any major currency – USD, SGD, EUR, GBP – and subsequently use it for payouts, eliminating exorbitant amounts of FX charges levied on international payments.
Rajith Shaji, co-founder and CEO at Volopay, said, “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.”
Through constructing their own infrastructure, Volopay will enable their global clients to eliminate the need for integration with multiple third-party financial services platforms, delivering a consistent and delightful customer experience regardless of the region they are operating in.
Meanwhile, Rajesh Raikwar, co-founder and CTO at Volopay, commented, “With APAC & MENA making a big wave on the global stage by churning out several unicorn level enterprises every year, accelerating their growth requires an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for.”
Part of Volopay’s Series A funds will be put towards their forthcoming market launches, building and innovating new technologies to complement their existing product, in addition to enhancing integrations with leading enterprise software and project management applications. The company is also hiring aggressively for key positions in each of its markets.
Volopay aims to disrupt traditional business banking and aims to be adopted as the single and only solution growing, global businesses need for their cards, invoice automation, and bill payments along with the added bonus of a multi-currency business account without the hassle and limitations of a traditional bank.