Volopay, a corporate payment management company, has raised $29 million in a mix of equity and debt from a group of investors that includes US social media pioneers Cameron and Tyler Winklevoss.
The company said the funds will enable it to expand to hundreds of companies in Singapore and Australia and launching into new markets including India.
The round included participation from JAM Fund, Winklevoss Capital Management, Accial Capital, Rapyd Ventures, as well as fintech veterans Jeffrey Cruttenden, CEO of Acorns, and Sweta Rau, founder of White Ventures.
Rajith Shaji and Rajesh Raikwar, co-founders of Volopay, said India presents a huge opportunity churning out several unicorn-level enterprises every year.
“Accelerating their growth would require an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for,” the company said in a statement.
The Volopay platform “streamlines expense workflows while giving real-time visibility and control over business spending”, the company added.
Its foray into the Indian market would provide companies with multi-currency wallets. “This will help completely eliminate exorbitant amounts of FX charges levied on international payments,” Shaji said.
“Volopay has a great ambitious team focused on redlining the finance workflows with its robust technology,” Michael Shum, chief investment officer, Accial Capital, said.
- George Russell
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