Volopay, a Singapore-based fintech platform, announced on Tuesday that it had raised $29 million from Cameron and Tyler Winklevoss, as well as a global decacorn and others, to enter the Indian market.
In Series A, the Y Combinator-backed corporate cards and payment management startup raised funding in a mix of equity and debt.
“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,” said Rajith Shaji and Rajesh Raikwar, Co-founders, Volopay.
“Accelerating their growth would require an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for,” they added.
After firmly establishing itself in the Singaporean and Australian markets, Volopay announced that it will now extend across the whole APAC area, as well as into MENA.
JAM Fund, Winklevoss Capital Management, 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, as well as Antler Global and VentureSouq, participated in the round.
“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,” said Shaji.
