Volopay raised $29 Million to enter Indian Market

Volopay, a Singapore-based fintech platform, announced on Tuesday that it has raised $29 million from Winklevoss twins, Cameron and Tyler, along with global decacorn and others. The company is looking forward to entering the Indian market with the raised funds.

The Y Combinator-backed corporate card and accounts payable start-ups have combined equity and debt to raise Series A funding. Volopay said it will expand to the entire APAC region with the expansion of MENA after establishing a strong position in the Singapore and Australian markets.

Rajith Shaji and Rajesh Raikwar, Co-founders at Volopay have said that 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. The funds will also be used to build and innovate new technologies that complement existing products.

The co-founder Rajith Shaji has also said that the company’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 major currency and subsequently use it for payouts.