Volopay Raises $29 Million In Series A
The funds will be used for new market launches, building and innovating new technologies to complement existing product
Volopay, a Y Combinator-backed Singapore-based corporate cards and payable management startup, has raised $29 million in Series A, a mix of equity and debt, from Winklevoss twins - Cameron and Tyler along with a global decacorn, among others to enter the Indian market.
With the investment, Volopay now has eyes on the APAC region along with the MENA expansion. Part of Series A funds will be put towards their forthcoming market launches, building and innovating new technologies to complement their existing product.
The round included participation from JAM Fund, Winklevoss Capital Management, Accial Capital, Rapyd Ventures, among others.
"The market opportunity is massive. With India churning out several Unicorn-level enterprises every year, it is indeed making a big wave on the global frontier. And this is only the beginning. Accelerating their growth would require an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for," said Rajith Shaji and Rajesh Raikwar, co-founders, Volopay in a joint statement.
The Singapore-based startup allows businesses to manage their money by providing a clear view of their financial health through modernization, automation and enhancement of existing workflows and processes. Providing synchronal visibility, the platform streamlines expense workflows while giving real-time visibility and control over business spending, added the statement.