Volopay, a Singapore-based financial firm, has secured US$29 million in series A funding, which includes a mix of equity and debt. The financing was led by Justin Mateen, the founder of Tinder and Jam Fund.
Antler Global, Winklevoss Capital Management, and Acorns CEO Jeffrey Cruttenden were among the investors who contributed to the fundraise.
Volopay, which was founded in 2019, is a platform that includes services including expense approvals, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation. Through its corporate card for entrepreneurs, it gives a 2% payback on all software subscriptions, hosting, and international travel.
The current investment comes amid a spike in funding deals in Singapore, with total fintech transaction value hitting US$3.9 billion in 2021, up 59 percent from the previous year.
Rajith Shaji and Rajesh Raikwar, both former MoneySmart Group workers, developed Volopay.
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