Fintech Startup Volopay Eyes Indonesian Market After Pocketing Series A Funding

Startups fintech financial transaction management Volopay announced a series A funding of $29 million or the equivalent of more than 415 billion Rupiah. This round involved several investors such as JAM Fund, Winklevoss Capital Management, Rapyd Ventures, Accial Capital, Acorns Co-founder Jeffrey Cruttenden, Access Ventures, Antler Global, and VentureSouq.

One of the big agendas that will be carried out by the company after receiving the funding is expansion to a number of countries in APAC, the Middle East, and North Africa. Indonesia is one of the countries targeted by this startup that already has businesses in Singapore and Australia. As well as, continue to innovate new technologies and improve integration with various enterprise and project management applications.

Integrated financial services for businesses

Volopay actually initiated to solve two pressing issues faced by SMEs and startups, namely the high cost of foreign exchange and the lack of a platform that is able to access all transaction data. Volopay combines business accounts, corporate cards, bill payments, reimbursement, credit, cashback, and accounting automation into a single platform.

The platform allows its users to store money in Rupiah and other major currencies, such as USD, SGD, EUR, GBP for use as payments and eliminates the amount of foreign exchange fees that are too high due to international payments.

The Volopay platform provides startups and enterprises with flexibility by issuing virtual and/or physical prepaid multicurrency enterprise cards in their local currency with cashback up to 5% for all card transactions.

The platform also processes domestic and international bank transfers with low foreign exchange rates and transaction fees. In addition, it provides cost management that helps track and control all expenses online real-time.

Volopay Co-founder & CEO Rajith Shaji said, "We are currently building a control center for modern companies to meet all their financial management needs. Volopay can be used easily for companies with five employees, up to companies with 500 employees.

"We have a vision to create a unified financial management platform for all companies around the world after our market expansion in Asia Pacific, Middle East and Africa," he said in an official statement, Tuesday (1/3).

In Indonesia, there is actually a similar solution. One of them was also presented by a startup from Singapore named Aspire. Their strategy is the same, namely providing transactional services all-in-one to help businesses of all sizes. Meanwhile for transaction issues cross-border there is also Nium which was brought to Indonesia thanks to strategic partnerships with local investors, including MDI Ventures and BRI Ventures.

Help global businesses handle transactions

Volopay claims to have brought major changes to the financial transaction system that still uses traditional methods. Shaji's ambition is that Volopay can be the ultimate solution for global-scale business needs with various needs, such as invoice automation, bill payments, cross-currency and borderless business account services like those of traditional banks.

To achieve these ambitions, Volopay has built its own infrastructure and applied for a financial license on each region, something no other company has done regionally. Through this infrastructure, Volopay can assist global clients by eliminating the need for integration with other third-party financial service platforms. This provides users with consistent convenience, regardless of the region in which their business operates.

Volopay claims has seen its total payout value increase 98% monthly and its revenue soaring 41% since its initial funding round. The team also continues to grow from 20 to more than 150 employees and amassed more than 700 customers such as  Funding Societies, zipmex, Moneysmart, Smartkarma, and Austrionova since early 2021. Such promising growth usually attracts new investors or strengthens support from previous investors.

Founder of Tinder and JAM Fund Justin Mateen said, “I have worked with the amazing Volopay team since the initial investment stage. Volopay's success in the Series A round is certainly supported by business growth and the team's ability to innovate quickly and on a platform that can be adapted to various jurisdictions. I am proud to partner and support Volopay to grow to new heights.”