Volopay raises $29 million in series A round from multiple investors

The Y Combinator-backed Singapore-based corporate cards and payable management start-up, Volopay, announced on March 1 that it had raised $29 million in Series A, a mix of equity and debt, from the Winklevoss twins - Cameron and Tyler along with a global decacorn among others to enter the Indian market.

The part of Series A funds will be put towards their forthcoming market launches, building and innovating new technology to complement their existing product, the company said in a statement.

The round 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 & CEO of Jupiter, along with Antler Global and VentureSouq.

Speaking on the growth expansion and investment, Rajith Shaji and Rajesh Raikwar, Co-founders, Volopay said, "The market opportunity is massive. 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. Accelerating their growth would require an efficient expense management tool that is simple yet scalable, something that Volopay has always aimed for.