Volopay Offers Alternative Fintech Services to Businesses as Startup Begins to Grow

By Thomas Price Wednesday, January 27, 2021

The fintech sector is continuing to grow worldwide, leading to startups cropping up in nearly every country. Especially as small and mid-size businesses are looking for ways to cut the many costs associated with traditional financial services, many startups are looking to provide an alternative. One of those startups is the Singapore-based Volopay, which is currently participating in three different accelerator programs. Considering its participation in these programs, what services does Volopay offer, what kind of growth has the startup already seen, and what plans does the company have in store?

Business Services and Future Plans

Volopay is a Singapore-based fintech startup that offers businesses a variety of services designed to replace more traditional financial institutions. The startup was founded in 2019 by the current CEO Rajith Shaji and CTO Rajesh Raikwar. Since its creation, the startup has built several features that have made the platform a complete financial service provider. These particular features help small businesses by offering many options to aid them in international business endeavors.

The two largest hurdles small businesses must overcome are high foreign exchange fees and corporate expense tracking. Volopay offers prepaid, multi-currency corporate cards, domestic and international money transfers, comprehensive expense management, and automatic accounting through its business platform. These features should save businesses thousands of dollars over the course of a year as they reduce foreign exchange fees. These fees are usually about 3% on every transaction. The startup’s full host of services have already begun to catch on in popularity for many businesses and startups.

In fact, Volopay has amassed 40 different clients up to this point, including startups such as Dathena, Tookitaki, and Appknox, among others. The startup raised $2.1 million in seed funding in January of this year, which should help their plans for growth. The startup’s future plans are mostly focused on further expansion with launches in Indonesia and Australia.

Volopay’s long-term goal would be to serve as a YouTrip, or multi-currency mobile wallet, for companies that would essentially allow businesses to save money on foreign exchange fees but with the added bonus of additional accounting and expense management tools. The company is currently participating in business accelerators Y Combinator, Antler, and Nium’s Bolt.

When commenting on the startup, vice president of program management and head of Nium’s BOLT initiative, Krishna Kumar Singh, said, “Volopay is a true testament of what Nium’s BOLT program represents – that innovation can truly happen through collaboration within the industry.”

Final Conclusions

Volopay is one of many different startups in the fintech industry that looks extremely primed to see future success. With a platform that holds every single financial tool that a company would need for international business, the product this startup is offering is top of the line. When factoring in the three different business accelerators and plans for future expansion into other countries, Volopay could be well on its way to becoming a fintech powerhouse.

About the Author

Headshot for author Thomas Price

Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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