Volopay, a Singapore-based startup building a “financial control center” for businesses, announced today it has raised $2.1 million in seed funding. The round was led by Tinder co-founder Justin Mateen, and included participation from Soma Capital, CP Ventures, Y Combinator, VentureSouq, the founders of Razorpay, Antler and other angel investors.
The funding will be used on hiring, product development, strategic partnerships and Volopay’s international expansion. It plans to launch operations in Australia later this month. The company currently has about 100 clients, including Smart Karma, Dathena, Medline, Sensorflow and Beam.
Launched in 2019 by Rajith Shaiji and Rajesh Raikwar, Volopay took part in Y Combinator’s accelerator program last year. It was created after chief executive officer Shaji, who worked for several fintech companies before launching Volopay, became frustrated by the process of reconciling business expenses, especially with accounting departments located in different countries. Shaiji and Raikwar also saw that many companies, especially startups and SMEs, struggled to track different kinds of spending, including subscriptions and vendor payments.
Most of Volopay’s clients are in the tech sector and have about 15 to 150 employees. Volopay’s platform integrates multicurrency corporate cards (issued by Visa Corporate), domestic and international bank transfers, automated payments and expense and accounting software, allowing companies to save money on foreign exchange fees and reconcile expenses more quickly.
In order to speed up its development, Volopay integrated Airwallex’s APIs. Its corporate cards offer up to 2% cash back on software subscriptions, hosting and international travel, which Volopay says are the three top expense categories for tech companies, and it in November 2020, it launched a credit facility for corporate cards to help give SMEs more liquidity during the COVID-19 pandemic.