Singapore-based fintech platform Volopay on Tuesday said it had raised $29 million from Winklevoss twins — Cameron and Tyler — along with a global decacorn and others to enter the Indian market.
The Y Combinator-backed corporate cards and payable management start-up raised funds in Series A in a mix of equity and debt.
Volopay said it will now expand in the APAC region, along with the MENA expansion, after firmly placing itself in Singaporean and Australian markets.
“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, of 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.
The funds will also be utilized for building and innovating new technologies to complement their existing product.
The round also included participation from 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, along with Antler Global and VentureSouq.
“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.