Singapore based fintech start-up Volopay has raised $2.1 million USD in seed round funding to provide businesses and startups in the Asia Pacific region with a powerful control centre for all their financial needs.
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The investment round was led by Tinder founder Justin Mateen. Other investors joining the round were Soma Capital, CP Ventures, Y Combinator, VentureSouq, the founders of Razorpay (Shashank and Harshil), and other prominent angel investors. The new funds will be used for hiring, product development, international expansion and strategic partnerships.
Volopay’s origin story
The company was founded in 2019 by CEO Rajith Shaji and CTO Rajesh Raikwar. The founders met while working at a leading financial services comparison platform based in Singapore. Whilst there, Rajith and Rajesh experienced how challenging it was to track different company spending like subscriptions, vendor payments and employee reimbursements.
“The whole process is broken. I would spend hours noting down each individual spend and then have to reconcile it with receipts. Once submitted through the company’s expense platform, I would wait a whole month before being reimbursed the funds,” said Volopay CEO Rajith Shaji.
Rajith continued, “I soon realised employee expenses and shared bank cards was a huge problem for businesses of all sizes, especially startups; they were losing countless hours each month going through bank statements and reconciliation. The lack of visibility meant they were losing money due to unaccounted expenses. Volopay sets out to re-imagine business banking for startups and tech companies while providing significant cash-back and saving.”
Integrating Airwallex’s APIs to better serve customers
“To fast track our customer offering, we’ve chosen to integrate with fintech giant Airwallex’s API suite. We were impressed by how easy Airwallex’s API technology integrated with the Volopay platform, providing us with robust payment and issuing capabilities,” said Volopay CEO Rajith Shaji.
“We are excited to be Volopay’s chosen API partner at such a significant stage of the company’s growth. Airwallex’s purpose is to empower businesses like Volopay to grow without borders and as a result, contribute to the growth of the global economy,” said Dave Stein, Head Of Corporate Development at Airwallex.
