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 the famous Winklevoss twins – Cameron and Tyler along with a global decacorn among others to enter the Indian market.
JAM Fund, Winklevoss Capital Management, Rapyd Ventures, and Accial Capital, along with fintech veterans such as Jeffrey Cruttenden, CEO of Acorns; Sweta Rau, Founder of White Ventures; Amrish Rau, CEO of Pine Labs; and Jitendra Gupta, Founder and CEO of Jupiter, along with Antler Global and VentureSouq also participated in the funding round.
The company said that funds will use for the upcoming market launches, building new complementary technologies, and hiring new talent, enhancing its integrations with popular ERPs, HRMs, and CRM software along with leading project management applications.
“I used to travel around these corridors like Hong Kong, India, Singapore, and I always noticed the difficulty in filing expenses (with the employer) after I came back,” said Rajith. “Secondly, getting access to some of the software of the company, such as the debit card from the finance books, was a big task.” said, Rajith Shaji, co-founder of Volopay.
Volopay is a Fin-tech startup that aims at making expense reports digital, fast, inclusive, and safe. It is the first AI-based real-time expense management software – a business management solution to streamline expense workflows while giving real-time visibility and control over business spends.
“I’ve worked closely with Volopay’s amazing team since my original investment at the pre-seed stage. Given the accelerating growth of the business, and the team’s ability to innovate quickly on the product side with a single stack scalable platform across multiple jurisdictions, it was only natural to triple down and lead the Series A round. I am proud to partner with a leader in this space and to help support Volopay to scale to greater heights,” said, “I’ve worked closely with Volopay’s amazing team since my original investment at the pre-seed stage. Given the accelerating growth of the business, and the team’s ability to innovate quickly on the product side with a single stack scalable platform across multiple jurisdictions, it was only natural to triple down and lead the Series A round. I am proud to partner with a leader in this space and to help support Volopay to scale to greater heights,” Justin Mateen, Founder of Tinder and JAM Fund, said.
Their real-time AI software provides seamless options. From setting budgets limits and customizable approval flows to third-party integrations into accounting software and other productivity tools.
