Volopay was founded in 2019 with a bold vision to reshape corporate finance management. Recently, the company successfully closed a $29 million Series A funding round. Following this latest round, the company plans to expand across the Asia-Pacific, the Middle East, and North Africa. To do so, it’s focusing on building new technologies to enhance its range of products while also hiring in these new markets.
Commenting on this expansion, the CEO of Volopay, Rajith Shaji, said, “With APAC and MENA churning out several unicorn level enterprises every year, it is indeed making a big wave on the global frontier. However, accelerating their growth requires an efficient expense management tool that is simple yet scalable, which Volopay has always aimed for.” Here’s what Volopay has achieved thus far and how it plans to utilize its latest round of funding to achieve its ambitious vision.
Where Volopay stands today
A successful business is like a well-oiled machine that never shuts down. It’s continuously working and needs to be as efficient as possible. To make sure your business isn’t leaking money, the bolts known as financial management need to be tightened properly. Volopay’s mission is to be that wrench. Its expense management software helps track and control all the expenses in real-time. Importantly, it can also seamlessly be integrated into any existing accounting system infrastructure.
Volopay’s most visible feature though is the prepaid multi-currency corporate cards in local currencies that can be created and assigned to employees with just a click. The platform also processes domestic and international bank transfers with low foreign exchange rates and transaction fees. Volopay users get access to multi-currency wallets, which support 65+ major currencies in over 100 countries without foreign exchange charges imposed on international payments.
Currently, the platform is active in the APAC region with established bases in Singapore and in Australia. Volopay is also active in India and is proving itself to be a valuable tool for finance management. Since the beginning of 2021, the platform has gained over 700 new customers. For many of these businesses in the region, the extended possibilities offered by Volopay’s features have been a game-changer. So it’s not surprising that Volopay’s total payment value increased 98% monthly. At the same time, its team has also increased from 20 to over 150 and counting.
Volopay after their successful Series A funding
Following its successful Series A funding, Volopay plans to focus on market expansion, hiring, and product updates. Particularly in the APAC region, where the company aims to upgrade its offerings. These efforts involve building new technologies to complement and enhance the platform. Chief among these is offering more integrations such as TruTrip in Singapore, MYOB in Australia, Zoho, and Tally in India.
At the same time, the company is also looking toward expanding its footprint. Within the APAC region, it is planning to enter India, Indonesia, and the Philippines while taking a renewed market approach in Australia. The company is also looking beyond regional borders with its eyes set on the MENA region.
With this ambitious expansion plan, Volopay’s team continues to grow in size. The company is hiring top talent and leaders in the fintech industry to fill up roles in new markets. Bringing together a talented team with varied experience, Volopay is laying the foundation to transform finance.
Building financial infrastructure where none exists
In developed economies like the US and European nations, it’s relatively easy to start a financial services business. However, in the APAC region, you’ll find things differ greatly between countries. With no standard infrastructure that can be used across countries, many fintech startups in the region face an uphill battle. To overcome this, most fintechs partner with several third-party infrastructure providers.
However, this approach isn’t without drawbacks. The reliance on third-party providers restricts the type of products fintechs can provide and is challenging to offer an enjoyable user experience. Therefore, while working to strengthen its platform, Volopay is also working towards building its own financial infrastructure. Thereby, paving the way for financial products that meet the needs of all stakeholders, while offering a smooth user experience.
Empowering businesses in APAC and MENA to succeed
Many businesses, especially startups and SMEs in the market Volopay is in, tend to rely on traditional financial management methods. Examples of such methods include written documents, paper invoices or multiple software that doesn’t sync with each other. As a result, these businesses struggle with several challenges. Namely, they lack a single unified point to track their spendings, such as vendor payments and subscriptions. Those operating regionally also struggle with high foreign exchange rates for transfers. Not to mention the amount of time and effort wasted on having to sort through all the data.
Despite these challenges, APAC and MENA continue to produce numerous unicorns and are a hotspot for startups. Now with a robust spend management platform, Volopay is poised to solve these old standing challenges. Thus, empowering businesses across the region to accelerate their growth and achieve success. The successful close of its latest Series-A round brings Volopay one step closer to achieving this vision.