Volopay, a Singapore-based corporate cards and bill management fintech, has raised US$29 million of funding in its Series A round through a mix of equity and debt.
The investment round included participation from JAM Fund, Winklevoss Capital Management, Rapyd Ventures, Accial Capital, and fintech veteran and angel investor Jeffrey Cruttenden, along with Access Ventures, Antler Global, and VentureSouq.
The strategic investment will enable Volopay to strengthen its position within the Asia Pacific market and expand into the Middle East and North Africa, where the fintech aims to eliminate high foreign exchange (FX) charges incurred for international payments and provide a uniform platform to access spend data.
Volopay provides companies with multi-currency wallets to hold money in their base and major currencies and make and manage payments, allowing them to sidestep FX charges levied on international transactions.
Since launch, Volopay has grown to more than 150 employees across the Asia Pacific region. Clients include Funding Societies, Zipmex, Moneysmart, Smartkarma, and Austrionova.
With the influx of capital, the fintech aims to be adopted as a single solution for cards, invoice automation and bill payments, along with multi-currency business accounts, within its current market and beyond.
Part of Volopay’s series A funds will be put towards forthcoming market launches, building and innovating new technologies to complement its existing product, and enhancing integrations with enterprise software and project management apps.
Commenting on the series A round, Rajith Shaji, co-founder and chief executive officer of Volopay, said: “We want to take our vision of a unified spend management platform to all companies across the world after our initial markets.”