Singapore-based Volopay raises $2.1 million seed round to build a “financial control center” for businesses – WhatsTele

Volopay, a Singapore-based startup development a “monetary keep watch over middle” for companies, introduced these days it has raised $2.1 million in seed investment. The spherical used to be led by means of Tinder co-founder Justin Mateen, and incorporated participation from Soma Capital, CP Ventures, Y Combinator, VentureSouq, the founders of Razorpay and different angel buyers.

The investment shall be used on hiring, product building, strategic partnerships and Volopay’s world growth. It plans to release operations in Australia later this month. The corporate these days has about 100 purchasers, together with Good Karma, Dathena, Medline, Sensorflow and Beam.

Introduced in 2019 by means of Rajith Shaiji and Rajesh Raikwar, Volopay took section in Y Combinator’s accelerator program remaining 12 months. It used to be created after leader govt officer Shaji, who labored for a number of fintech corporations earlier than launching Volopay, changed into pissed off by means of the method of reconciling industry bills, particularly with accounting departments positioned in several nations. Shaiji and Raikwar additionally noticed that many corporations, particularly startups and SMEs, struggled to trace other varieties of spending, together with subscriptions and supplier bills.

Maximum of Volopay’s purchasers are within the tech sector and feature about 15 to 150 staff. Volopay’s platform integrates multicurrency company playing cards (issued by means of Visa Company), home and world financial institution transfers, automatic bills and expense and accounting tool, permitting corporations to save cash on foreign currency echange charges and reconcile bills extra temporarily.

So as to accelerate its building, Volopay built-in Airwallex’s APIs. Its company playing cards be offering as much as 2% money again on tool subscriptions, internet hosting and world go back and forth, which Volopay says are the 3 best expense classes for tech corporations, and it in November 2020, it introduced a credit score facility for company playing cards to assist in giving SMEs extra liquidity throughout the COVID-19 pandemic.

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In comparison to conventional credit score merchandise, like bank cards and dealing capital loans, Shaji mentioned Volopay’s credit score facility, which could also be issued by means of Visa Company, has a extra aggressive fixed-free pricing construction that relies on the extent of credit score used. This implies corporations know the way a lot they owe prematurely, which in flip is helping them organize their cashflows extra simply. The typical credit score line equipped by means of Volopay is ready $30,000.

Since WhatsTele remaining coated Volopay in July 2020, it has grown 70% month on month in relation to general price range flowing thru its platform, Shaji mentioned. It additionally introduced two new options: A invoice pay function that permits purchasers to switch cash locally and the world over with low foreign currency echange charges and transaction charges, and the credit score facility. The invoice pay function now contributes about 40% to Volopay’s general fee quantity, whilst the credit score product makes up 30% of its card spending.

Shaji advised WhatsTele that Volopay determined to amplify into Australia as a result of as a result of now not most effective is it a far greater marketplace than Singapore, however “SMEs in Australia are very relaxed the usage of paid virtual tool to streamline inner operations and scale their companies.” He added that there’s these days no different supplier in Australia that provides each expense control and credit score to SMEs like Volopay.