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Volopay, a Y Combinator-backed corporate cards and payable management startup, has raised US$29 million in its Series A round through a mix of equity and debt. The investment round included

The post Volopay Raises US$29 Million Series A to Push APAC and MENA Expansion Plans appeared first on Fintech Singapore.

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SINGAPORE, Mar 1, 2022 - (ACN Newswire) - Volopay, a Y Combinator-backed Singapore-based corporate cards, and payable management startup has successfully raised US$29 million 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, fintech veteran and angel investor Jeffrey Cruttenden - CEO of Acorns along with Access Ventures, Antler Global, and VentureSouq.
The strategic investment from leading blue-chip investors will fuel Volopay's foray into the APAC and MENA markets to tackle two of the most pressing problems that SMEs and startups face - high Forex (FX) charges incurred for international payments and the lack of a uniform platform to access all spend data. Volopay provides companies with multi-currency wallets to hold money in their base currency and any major currency - USD, SGD, EUR, GBP - and subsequently use it for payouts, eliminating exorbitant amounts of FX charges levied on international payments.

Since its seed funding, Volopay has grown exponentially to better alleviate its clients' pain points. With a 150+ member team spread all over major business centres in the Asia Pacific region, such as Singapore, Australia, India, Indonesia, and the Philippines, Volopay has amassed an impressive clientele with the likes of Funding Societies, Zipmex, Moneysmart, Smartkarma, and Austrionova among others.

Volopay is disrupting traditional business banking and aims to be adopted as the single and only solution growing, global businesses need for their cards, invoice automation, and bill payments along with the added bonus of a multi-currency business account without the hassle and limitations of a traditional bank. To achieve this, Volopay has embarked on the ambitious objective of building its own infrastructure and applying for financial licences in its markets, something no other company has done regionally. Through constructing their own infrastructure, Volopay will enable their global clients to eliminate the need for integration with multiple third-party financial services platforms, delivering a consistent and delightful customer experience regardless of the region they are operating in.

Rajith Shaji, cofounder and CEO of Volopay shared, "Volopay is an ambitious project. To build an alternative to Volopay, you would have to launch five different startups. 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 five-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."

"With APAC & MENA making a big wave on the global stage by churning out several unicorn level enterprises every year, accelerating their growth requires an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for," said Rajesh Raikwar, cofounder and CTO of Volopay.

Justin Mateen, founder of Tinder and JAM Fund who led the round, said in a statement, "I've worked closely with Volopay's amazing team since my original investment at the pre-seed stage. Given the accelerating growth of the business, and the team's ability to innovate quickly on the product side with a single-stack and scalable platform across multiple jurisdictions, it was only natural to triple down and lead the Series A round. I am proud to partner with a leader in this space and to help support Volopay to scale to greater heights."

Michael Shum, Chief Investment Officer at 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."

Part of Volopay's Series A funds will be put towards their forthcoming market launches, building and innovating new technologies to complement their existing product, in addition to enhancing integrations with leading enterprise software and project management applications. The company is also hiring aggressively for key positions in each of its markets.

About Volopay

Volopay is a Singapore-based company on a mission to build a financial control centre for modern businesses. Volopay combines business accounts, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation into one single platform. Since launching in Singapore and Australia the startup has been on a strong growth trajectory and is now stepping into India, Indonesia, and the Philippines with MENA expansion on the horizon. https://www.volopay.com/sg/

For media enquiries, please contact:
PRecious Communications for Volopay
[email protected]

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comVolopay, a Y Combinator-backed Singapore-based corporate cards, and payable management startup has successfully raised US$29 million 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, fintech veteran and angel investor Jeffrey Cruttenden - CEO of Acorns along with Access Ventures, Antler Global, and VentureSouq.

The BSCBay presale hosted on its own platform sold out within 30 minutes, opening the door for the official launch. The platform officially launched on 24 February 2022 at 10 pm UTC, introducing a new paradigm to Launchpad services while rewarding its holders.

BSCBay is powered by the $BSCB token which works on an autonomous liquidity generation and yield farming protocol built to seamlessly integrate multiple parts of the ecosystem. The protocol offers $BSCB holders a 5% automatic USDT reflections reward every 4 hours simply for HODLing.

What Features Make the BSCBay Ecosystem Stand Out?

BSCBay has created a blockchain innovation hub that takes the previous successful features of decentralized finance and combines them with new, innovative concepts and ideas. 

The developers ensure that users can generate passive income streams for the long haul via the integration of a Launchpad, DexPad, and a plethora of supporting tools that channel income into the investor reward pool. 

The revolutionary Rewards Launchpad is at the core of the ecosystem. It offers a platform for token developers to showcase their products and attract new investors. Projects launching on BSCBay benefit from support in smart contract audits, marketing, and investments.

To protect crypto and DeFi users from scams, the BSCBay Launchpad performs KYCs on all projects and locks liquidity to reduce the chances of a rug pull. Dev teams can leverage BSCBay's secure liquidity and token lockers to lock their liquidity provider and team tokens, instilling investor trust in their protocol.

The DEXPad is another key feature of the ecosystem. It lists new DeFi projects for investors to browse and do their own research on what ventures to support. The technology shines the spotlight on new crypto projects, allowing them to garner community support and take flight.

BSCBay deploys powerful investment tokenomics that reward users with automatic USDT rewards. The protocol deducts a 10% tax on buys, with 5%going to user rewards, 1% to marketing, 1% to the team wallet, and 1% to automatically generate Pancakeswap liquidity.

BSCBay also deducts 1% tax that is sent to a buyback and burn address, maintaining the deflationary status of the $BSCB token.  The Launchpad will be rolling out additional services such as P2E games, Token Minters, Lockers, and Swaps to ensure the investor pools never die.

About BSCBay 

BSCBay is the first decentralized Launchpad that automatically rewards its users in USDT. The platform helps promising projects kick off their journey in the crypto sphere via its game-changing Rewards Launchpad.

New developers on BSCBay get to launch their projects without having to pay for the presale. They also earn $BSCB dividend tokens after paying a small one-time fee in BNB, allowing them to claim rewards from the $BSCB pool forever.

To connect with the BSCBay community and keep up with the latest developments, check out the social media links below:

| Twitter | Telegram | Reddit |

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