Singapore’s Volopay scores $29m Series A

Singapore-based Volopay has reportedly collected $29m in its Series A funding round, which was comprised of debt and equity.

The investment will help the company expand across the Asia Pacific, the Middle East and North Africa, according to a report from TechCrunch.

Funds will also be used to build technologies that complement existing products and enhance integration with resource planning, human resource management and customer relationship software management software.

JAM Fund, a US-based venture capital firm, led the round, with commitments also coming from Winklevoss Capital Management, Rapyd Ventures, Accial Capital, co-founder of Acorns Jeffrey Cruttenden, Access Ventures, Antler Global and VentureSouq.

Volopay is a financial control centre that lets businesses easily manage various aspects of their operations, including corporate credit cards, money transfers, credit, expense reimbursement, automated accounting and more.

Its clients include dathena, beam, lynx, Antler, MoneySmart and others.

Volopay previously raised $2.1m in a funding round last year, which was led by Tinder co-founder Justin Mateen. Since then, the company has experienced a 98% monthly increase in payment value and a 41% revenue jump.

It has also increased the size of its team from 20 to 150, it said.

FinTech funding in Singapore had a strong 2021, reaching a record high of $3.4bn.

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