Volopay to Expand to Indonesia after Securing US$29 Million

Volopay, a Singapore-based fintech startup on financial transaction management, supported by Y Combinator, raised US$29 million in a Series A funding round. The funding round involved several investors such as JAM Fund, Winklevoss Capital Management, Rapyd Ventures, and Accial Capital. There were also an angel investor and fintech veteran, Jeffrey Cruttenden, the CEO of Acorns, along with Access Ventures, Antler Global, and VentureSouq.

The company reportedly planned to use the funds from its blue-chip investors for business expansion to Indonesia. Volopay will address two pressing issues faced by micro, small, and medium enterprises (MSMEs) and startups: the high cost of exchanging currencies for international payments and the lack of a platform capable of accessing all transaction data. Volopay also allows users to store money in rupiah and other currencies, such as USD, Euros, and pound sterling, as means of payments and eliminates the excessive amount of foreign exchange fees charged for international payments.

"Volopay is an ambitious project. You have to have five different startups to compete with Volopay," Volopay Co-Founder and CEO Rajith Shaji said in a press release on Tuesday. Currently, Volopay is building a control center for modern companies to meet all their financial management needs. Companies with employees from five to 500 can use the Volopay platform. "We have the vision to create a unified financial management platform for all companies worldwide following our market expansion in the Asia Pacific, Middle East, and Africa."