Volopay, a fintech firm based in Singapore, has raised a $29 million Series A round of debt and equity investment from Winklevoss brothers to extend its footprint in Asia-Pacific, the Middle East, and North Africa.
Founded by Shaji and Rajesh Raikwar, the Singapore based spend management software firm helps businesses manage their finances by giving them real-time visibility and control of their corporate spending.
The firm has raised $31.4 million in total since its beginning in 2019, including a $2.1 million seed round last January, according to co-founder and CEO Rajith Shaji, reports TechCrunch.
The funds will be used to develop new technologies that will complement the startup's current offering and improve its integration with enterprise resource planning, human resource management, and customer relationship management software. Volopay will also actively hire in each of its new markets, the report adds.
Volopay users also get access to multicurrency wallets that handle over 65 major currencies in over 100 countries without incurring foreign exchange fees, as well as expenditure management software that allows them to track and control all of their expenses in real-time.
Since entering the Singaporean and Australian markets, Volopay has expanded its focus to include the entire APAC region as well as MENA countries such as the United Arab Emirates, Saudi Arabia, and Egypt, according to the report.
Since the beginning of 2021, the company has grown from 20 to over 150 people and acquired over 700 customers, including Funding Societies, Zipmex, Moneysmart, Smartkarma, and Austrionova.