Volopay raises $29 million from Winklevoss, others

Bengaluru: Business-to-business (B2B) fintech company Volopay has raised $29 million led by JAM Fund, Winklevoss Capital Management, Accial Capital, and others as it prepares to enter the Indian market.

Rapyd Ventures, fintech veterans Jeffrey Cruttenden, Sweta Rau, founder of White Ventures, Amrish Rau, CEO of Pine Labs, and Jitendra Gupta, founder and CEO of Jupiter; Antler Global and VentureSouq also participated in the round.

The funding is a mix of equity and debt capital, the Singapore-based company said in a statement.


Volopay is now eyeing the entire Asia Pacific region along with the West Asian markets.

The company sells clients a “financial control centre”, which combines business accounts, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation into a single platform

“Volopay is an ambitious project. To build an alternative to Volopay, you'd have to launch five different startups,” said Rajith Shaji, co-founder of Volopay.

“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 5-person company, as it is for a 500-person company.”

Clients include CoinDCX, MPL, InVideo, and MX Media.

It has more than 150 employees across business centres in Singapore, Australia, India, Indonesia, and the Philippines.

“We've known and worked closely with Volopay's amazing team since the pre-seed stage,” said Justin Mateen, co-founder, Tinder, and founder of JAM Fund. “We are delighted to work with a pioneer in this sector and assist them in reaching new heights.”