Singapore-based fintech platform Volopay has announced that it has raised $29 million funding from Winklevoss twins -- Cameron and Tyler- who are popularly known from their association with Facebook and Bitcoin, through their venture capital company Winklevoss Capital Management.
The Series A round also included participation from JAM Fund,, Accial Capital, Rapyd Ventures, fintech veterans Jeffrey Cruttenden -- CEO of Acorns, Sweta Rau - Founder of White Ventures, Amrish Rau -- CEO of Pine Labs and Jitendra Gupta - Founder and CEO of Jupiter, along with Antler Global and VentureSouq, with the funds raised said to be a mix of equity and debt.
Rajith Shaji, Co-founder, Volopay said, “With India churning out several unicorn-level enterprises every year, it is indeed making a big wave on the global frontier. And this is only the beginning. Accelerating their growth would require an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for.”
Volopay operates a platform that allows businesses to manage their money by providing a view of their financial health through modernisation, automation, and enhancement of existing workflows and processes.
The fintech company has said that it will now expand in the entire APAC region including India, along with the MENA expansion, after firmly placing itself into the Singaporean and Australian markets.
The funds will also be utilised for developing and innovating new technologies to complement their existing products.
"Volopay's foray into the Indian market will tackle precisely the problem stated above by providing companies with multi-currency wallets to hold money in their base currency rupee and any major currency and subsequently use it for payouts," added Rajith Shaji.