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Winklevoss twins and others invest in payment management startup founded by Indians

The part of Series A funds will be put towards their forthcoming market launches, building and innovating new technologies to complement their existing product, the company said in a statement.

March 01, 2022 / 11:54 AM IST
Since its seed funding, Volopay has grown exponentially to better alleviate its clients’ pain points.

Since its seed funding, Volopay has grown exponentially to better alleviate its clients’ pain points.

The Y Combinator-backed Singapore-based corporate cards and payable management start-up, Volopay, announced on March 1 that it had raised $29 million in Series A, a mix of equity and debt, from the Winklevoss twins - Cameron and Tyler along with a global decacorn among others to enter the Indian market.

The part of Series A funds will be put towards their forthcoming market launches, building and innovating new technology to complement their existing product, the company said in a statement.

The round included participation from JAM Fund, Winklevoss Capital Management, Accial Capital, Rapyd Ventures, fintech veterans Jeffrey Cruttenden - CEO of Acorns, Sweta Rau - Founder of White Ventures, Amrish Rau - CEO of Pine Labs and Jitendra Gupta - Founder & CEO of Jupiter, along with Antler Global and VentureSouq.

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Speaking on the growth expansion and investment, Rajith Shaji and Rajesh Raikwar, Co-founders, Volopay said, “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.”

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"Volopay is an ambitious project. To build an alternative to Volopay, you'd have to launch 5 different start-ups. We are building the control centre for modern companies for all their financial management needs. Our platform is as easy and seamless to use for a 5-person company, as it is for a 500-person company. We want to take our vision of a unified spend management platform to all companies across the world after our initial markets of APAC and MENA,” he added.

The Singapore-based fin-tech start-up allows businesses to manage their money by providing a clear view of their financial health through modernisation, 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.

Justin Mateen, co-founder, Tinder & Founder, JAM Fund who led the round, said in a statement, "We've known and worked closely with Volopay's amazing team since the pre-seed stage. Given the strong growth momentum in the business, single stack scalable product across multiple jurisdictions, coupled with global opportunity in spend management, they have excited us to double down and lead the Series A round. We are delighted to work with a pioneer in this sector and assist them in reaching new heights."

Michael Shum, Chief Investment Officer, Accial Capital said, “Accial Capital views the B2B corporate spend vertical as a way to support entrepreneurs and SMEs with liquidity and close the credit gap. Volopay has a great ambitious team focused on redlining the finance workflows with its robust technology. We are proud to partner with a leader in this space to help scale.”
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Moneycontrol News
first published: Mar 1, 2022 11:54 am