Fintech Startup Volopay Eyes Indonesian Market After Pocketing Series A Funding

Financial transaction management fintech startup 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 to expand 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 was 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 capable of accessing all transaction data.

Volopay combines business accounts, corporate cards, bill payments, reimbursement, credit, cashback and accounting automation into one 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 up to 5% cashback on all card transactions.

It also processes both 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 in real-time.

Volopay Co-founder & CEO Rajith Shaji stated, “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 is also presented by a startup from Singapore named Aspire. Their strategy is the same, which is to provide all-in-one transactional services to help businesses of all sizes.

Meanwhile, for the issue of cross-border transactions, Nium 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 this ambition, the company has built its own infrastructure and applied for financial licenses in each region, something no other company has done regionally.

Through this infrastructure, the company 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 to have seen its total payout value increase 98% monthly and its revenue soared 41% since its initial funding round.

The team has also continued to grow from 20 to over 150 employees and amassed more than 700 customers such as Funding Societies, Zipmex, Moneysmart, Smartkarma, and Austrionova since early 2021. It is this kind of promising growth that usually attracts new investors or strengthens support from previous investors.