Singapore-based fintech company, Volopay, has managed to raise $29 million in Series A funding, particularly in the debt and equity sector. This comes as the company aims to broaden its geographical reach outside of its domain and origin, such as in the Middle East, North Africa and Asia-Pacific specifically.
Though Volopay’s valuation remains unknown, the company has raised nearly $31.4 million since its beginning in 2019. This, of course, includes the seed round of $2.1 million that it managed to gain last January of this year.
Founders of Volopay include Rajith Shaji along with the CTO of the company, Rajesh Raikwar. The main goal behind the foundation of Volopay comes from the desire to present a control management center to companies in regards to their financial handling.
What makes Volopay different from traditional banking is that there is an absence of hassle, friction and limitation in existence.
The Series A funding comes as Volopay seeks to widen its new markets with fresh talents. The amount will also be utilized to improve the integration system of the fintech company.
Adoption of new technologies will be prioritized, ones that seek to improve human resource management along with customer relationship management through interactive software and enterprise resource planning.
Startups and companies can opt for Virtual and/or Physical Prepaid Multi-Currency Corporate Cards from Volopay to benefit from 5% cashback on all card transactions in the local currency of their choice (SGD, AUD, INR, IDR, PHP, etc) through Volopay’s platform. Also available are low foreign exchange rates and transaction fees for domestic and international bank transfers through the platform.
Moreover, Volopay’s customers will gain access to multi-currency wallets. These wallets will support over 65 major currencies in over 100 countries. The users will also have access to expense management software that lets them see and track all purchases in sync.