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.
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/
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.
Hoboken, NJ, Rostock/Berlin, Germany, Feb 22, 2022 - (ACN Newswire) - Based on Whole Genome Sequencing (WGS), Arcensus GmbH makes it possible to detect rare as well as frequent disorders such as cancer or heart diseases at the earliest stage in order to start preventive and personalized treatment.
One year after Arcensus was founded, fresh capital is now being raised for further expansion. As part of the current investment-series the Mittelstandische Beteiligungsgesellschaft Mecklenburg-Vorpommern (MBMV) are investing a single-digit million to further expand into the US and GCC regions.
For MBMV, it is a very special investment, as Managing Director Dr. Thomas Drews reveals: "With Arcensus, we are investing in a very experienced and well-known team and in a technology which, in precisely this combination, has the potential to make a major contribution to the prevention of diseases and the cure of rare diseases".
He continues: "In addition, we are proud that a local company from Rostock is able to play as a figurehead at the top of the international biotech scene."
Indeed, the team around Prof. Dr. Arndt Rolfs is no stranger to the bio-tech scene. Prof. Dr. Arndt Rolfs, a neurologist, has already taken his rare-disease company CENTOGENE, founded in 2006, public in 2019, in which MBMV was also invested.
At Arcensus Prof. Rolfs and his international team want to use the accumulated experiences in the field of the WGS technology in combination with a clear focus on the game-changing artificial intelligence (AI) based deep interpretation of DNA information to enable customers to get the best insight in preventable diseases.
Prof. Rolfs commented on the investment as follows: "With MBMV we are extremely happy to have a well-known partner and extremely trustful partner at our side who shares our vision: Empowering people with genomics and medical insights to understand and improve their health to achieve a great and lasting quality of life and save lives".
Arcensus is a digital healthcare and diagnostics company that empowers people to take control of their health. The company provides a highest-standard, secure, trusted, and comprehensive medical service based on Whole Genome Sequencing. Arcensus analyses the complete genetic information in human DNA and identifies the predispositions as well as reasons for unclear symptoms with the help of cutting-edge technology including artificial intelligence. The detailed medical report suggests better treatment options and helps individuals take preventive measures to live a healthier and longer life. From our offices in New Jersey - United States, Rostock and Berlin - Germany, a cross-functional team of genetic experts, medical doctors, and data scientists works to make the most sophisticated and best genetic interpretation with medical and health prevention applications accessible to everyone. For more information, visit https://arcensus-diagnostics.com/.
About Mittelstandische Beteiligungsgesellschaft Mecklenburg-Vorpommern (MBMV)
Mittelstandische Beteiligungsgesellschaft Mecklenburg-Vorpommern mbH supports the promotion of regional SMEs by providing capital for the implementation of economic projects. It helps small and medium-sized enterprises in the region to stabilize or expand their market position. In particular, innovative companies with a supra-regional or international focus benefit from the flexible financing offer. For more information, visit: https://www.mbm-v.de/beteiligung/
Media Contact: Arcensus GmbH Awais Bhatti +49 1525 7692031 firstname.lastname@example.org
Important Notice and Disclaimer This press release contains "forward-looking statements" within the meaning of the U.S. federal securities laws. Statements contained herein that are not clearly historical in nature are forward-looking. Such forward-looking statements involve known and unknown risks, uncertainties, and other important factors that may cause Arcensus' actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, negative worldwide economic conditions and ongoing instability and volatility in the worldwide financial markets, the effects of the COVID-19 pandemic on our business and results of operations, possible changes in current and proposed legislation, regulations and governmental policies, pressures from increasing competition and consolidation in our industry, the expense and uncertainty of regulatory approval, including from the U.S. Food and Drug Administration, our reliance on third parties and collaboration partners, including our ability to manage growth and enter into new client relationships, our dependency on the rare disease industry, our ability to manage international expansion, our reliance on key personnel, our reliance on intellectual property protection, fluctuations of our operating results due to the effect of exchange rates, our ability to streamline cash usage, our requirement for additional financing and our ability to continue as a going concern, or other factors.
This press release is issued through Arab Newswire (www.arabnewswire.com) - a newswire service for Arab World, Middle East and North Africa (MENA), and distributed is by EmailWire(TM) (www.emailwire.com) - the global newswire service that provides press release distribution with guaranteed results.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comBased on Whole Genome Sequencing (WGS) Arcensus GmbH, Rostock/Berlin/New Jersey makes it possible to detect rare as well as frequent disorders such as cancer or heart diseases at the earliest stage in order to start preventive and personalized treatment.
BitOasis, a leading Middle East and North Africa-based crypto-asset trading platform, today announced that it is listing four new crypto assets to proactively meet growing consumer demand. The meticulously curated list includes some of the largest crypto assets by market capitalization – Cardano (ADA), Solana (SOL), Polkadot (DOT), and Cosmos (ATOM). BitOasis users can buy, […]
SINGAPORE, Jan 28, 2022 - (ACN Newswire) - SGX-listed Silverlake Axis Ltd, the ASEAN leader in next-generation digital core banking systems and solutions, today announced an expansion of its partnership with Silkbank, a leading commercial and Islamic bank in Pakistan. Through the latest agreement, Silkbank will upgrade its card management suite to use Silverlake's latest platform, Symmetri OmniCard V6.
SINGAPORE, Jan 28, 2022 - SGX-listed Silverlake Axis Ltd, the ASEAN leader in next-generation digital core banking systems and solutions, today announced an expansion of its partnership with Silkbank, a leading commercial and Islamic bank in Pakistan.
OmniCard V6 is an internationally certified card management system that allows banks to run flexible and secure operations including issuing and acquiring of all types of credit, debit and prepaid cards, ATM management, 3D secure e-commerce transaction processing, management of fraud, disputes, and cardholder's loyalty. This latest move also strengthens Silverlake's leadership position within Pakistan's credit card market, where it currently commands an 80 percent market share. It also allows Pakistan's and the region's banks to tap into Silverlake's award winning technologies to grow their card footprints, and in the process better cater to customers.
Gyorgy Ladics, CEO of Silverlake Symmetri, commented: "We are immensely proud of the deep and long-standing partnership we have forged with Silkbank. Pakistan continues to establish itself as a fast-growing market, with huge potential for building its credit card market, and we are very optimistic about its growth. To that end, the trust Silkbank has placed in us is a true honor, and as we continue this exciting journey together, we are confident that this trust will see strong returns."
Nabeel Malik, Executive Director, Strategy Implementation & Ops/Admin/IT/CSQ at Silkbank, commented: "Silkbank always aims to stay ahead of the market by introducing unique products supported by latest technological tools. Silverlake has been a trusted partner to Silkbank for 9 years. As we continue to transform and advance the banking landscape in Pakistan with our innovative product offerings and best-in-class services, the in-depth experience, system understanding, and professionalism of Silverlake team will be a key factor for us to grow with confidence. We hope that we will be continuing this beneficial partnership in years to come."
With over 30 years of experience across industries, Silverlake creates technologies to empower businesses in the digital economy, transforming industries like banking, insurance, retail, and logistics. Silverlake Symmetri OmniCard is a universal card and payment management system, designed to help both acquiring and issuing institutions to run efficient, secure and profitable operations. Banks can reduce time to market for new card products while at the same time offer excellent service to drive loyalty across the customer base. The solution also enables them to cross-sell and up-sell, while reducing fraud and risk, and ensuring regulatory compliance.
"With Silverlake Axis already issuing 80% of cards in the market, Silkbank's partnership to deploy our credit card solutions only solidifies our leadership position in Pakistan. However, it's only one step in our growth plan. We are seeing strong opportunities across the MENA, South and Southeast Asia regions with our Islamic and retail banking partners as well," added Ladics.
About Silverlake Axis
Silverlake Axis Ltd. (SLVX.SI; SILV:SP) is a leading enterprise technology, software and services company focused on financial services and serving 40% of the top 20 largest banks in South East Asia. Founded in 1989, Silverlake has an impeccable track record of successful delivery of innovative and transformative solutions to its enterprise customers and their ecosystems. The Group has more than 380 enterprise customers in over 80 countries across Asia, Europe, Middle East, Africa and the Americas.
Silverlake Axis was listed on the Singapore Exchange (SGX) Catalist in 2003 and moved to the SGX Mainboard in 2011. For more information, please visit https://www.silverlakeaxis.com.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comSGX-listed Silverlake Axis Ltd (SGX:5CP), the ASEAN leader in core banking systems and solutions, today announced an expansion of its partnership with Silkbank, a leading commercial and Islamic bank in Pakistan. Through the latest agreement, Silkbank will upgrade its card management suite to use Silverlake's latest platform, Symmetri OmniCard V6.
ABU DHABI, UAE, Jan 3, 2022 - (ACN Newswire) - Verofax Limited, an Asset Digitization and Traceability solutions provider, today announced closing a $1.5M pre-Series A round by international investors led by Benson Oak Ventures, with 500 Startups, Wami Capital and Vernalis Capital completing the group.
Verofax utilizes patented technology incorporating Blockchain, Augmented Reality and Artificial Intelligence to provide 'Traceability as a Service', enabling brands to turn their offline products interactive, and manage their entire supply chain to trace goods, fend off counterfeit activities, and improve manufacturers' productivity. Brands can extend their reach directly to end-consumers, thereby increasing consumer intimacy with direct engagement, and leveraging the boom in NFTs and metaverse experiences.
The funds will be used to expand the Company's sales and marketing activities on a global level, ahead of a planned Series A round later in 2022. Verofax solutions are applicable to a wide range of industries (Retail and CPG) and are already used by leading brands such as Anheuser Busch Inc. Verofax is a Microsoft Gold partner, and has secured a global network of distributors and resellers, and co-selling on enterprise solution platforms including Microsoft Appsource, Amazon AWS and Ant Group Antchain.
Wassim Merheby, CEO of Verofax, said: "Our solution helps brands turn their products into a direct-to-consumer communication channel and deliver amazing experiences to drive growth and boost loyalty while also promoting greener product choices and ESG auditability. Verofax also helps turn give-aways into collectible and tradeable NFTs, interoperable across several metaverse environments. We are thrilled to be joined by investors that will help accelerate our growth trajectory through their collective expertise, network, and leadership."
Robert Cohen, Managing Director of lead investor Benson Oak Ventures, said: "We have a very specific investment thesis that brands will leverage Web 3 & NFTs to reinvent their engagement & business models with consumers, creating entirely new service categories. Verofax has demonstrated early product market fit, leveraging its proprietary technology to sell its Traceability solution to many different types of brands and help them navigate this new world. We have been incredibly impressed by Wassim and the whole Verofax team, and thrilled to be making this our first investment in the UAE."
Chetan Mehta, CEO of Wami Capital, said, "Verofax Blockchain-based traceability and validation solution empowers brands in the consumer goods and retail industry to promote sustainable products and allows consumers to choose greener brands and enjoy immersive experiences. Verofax traceability prevents counterfeiting in the supply chain across pharmaceutical, manufacturing, consumer, retail and logistics. We look forward to working with Verofax team to accelerate the adoption of their solution across our ecosystem."
About Verofax Verofax is a blockchain-enabled Asset Digitization and Traceability solution provider with a presence across North America, Europe, Asia and MEA regions. Verofax's solution is available across multiple cloud environments, helping businesses transform its physical products to interactive, and enable meaningful engagements with immersive user interfaces. For technical matters, visit Verofax at https://www.verofax.com or contact email@example.com.
About Benson Oak Ventures Benson Oak, with a new office in Abu Dhabi, is a venture capital firm with 20 years experience in Europe, the US and the Middle East, with an increased focus on Web3 and 'passionware' - where everyone is a business. Investments have included Internet security leader AVG, video marketing platform Promo.com, crypto wallet ZenGo and HCM platform Harri. http://bensonoakventures.com.
About Wami Capital Wami Capital, a single-family fund, focuses on supply chain activities of the Transworld Group. https://wamicapital.com.
About 500 Startup Sanabil MENA Fund 500 Startups (500), one of the most active global early stage venture capital firms, has partnered with Sanabil Investments, a financial investment company focused on global private investments in venture capital, growth and small buyout. This follows the recent announcement of the establishment of 500 Startups' new MENA regional headquarters in Riyadh. https://ecosystems.500.co/sanabil500accelerator.
About Vernalis Capital Vernalis Capital is the family-owned investment company of Bala Chandra, founder of Vernalis. Vernalis Capital believes in providing entrepreneurs strategic leverage and seeks to build an ecosystem of synergistic companies which helps entrepreneurs pursue their own vision and goals while being supported wherever required. With a strong global network of partners and alliances, Vernalis Capital opens access to global managerial talent and mutually beneficial networking opportunities. https://www.vernaliscapital.com.
Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comVerofax Limited, an Asset Digitization and Traceability solutions provider, today announced the closing of a $1.5M pre-Series A round with international investors, led by Benson Oak Ventures, with 500 Startups, Wami Capital and Vernalis Capital completing the group.
The world’s largest crypto exchange, Binance will suspend C2C trading for mainland China users. However, according to 8BTCnews, Binance has suggested its replacement with the exchange’s verified partner, a C2C trading platform called Pexpay. The unsurprising shut may be levied to China’s long-standing stance against the decentralized industry. #Binance will stop C2C trading for mainland