Volopay, a Singapore-based company creating a comprehensive “financial control center” for businesses, today announced the completion of a $2.1 million seed funding round. This investment was spearheaded by Justin Mateen, a co-founder of Tinder, with additional participation from Soma Capital, CP Ventures, Y Combinator, VentureSouq, the founders of Razorpay, Antler, and a number of other angel investors.

The newly acquired funds will be allocated to expanding the team, enhancing product capabilities, forging strategic alliances, and facilitating Volopay’s growth into new international markets. The company is scheduled to begin operations in Australia within the coming month. Currently, Volopay serves approximately 100 clients, including prominent names like InVideo, Dathena, Medline, Sensorflow, and Beam.

Founded in 2019 by Rajith Shaiji and Rajesh Raikwar, Volopay participated in the Y Combinator accelerator program the previous year. The company’s inception stemmed from CEO Shaji’s personal experiences with the difficulties of reconciling business expenditures, particularly when dealing with accounting teams in various countries, during his time at multiple fintech firms. Shaiji and Raikwar also identified a widespread challenge among companies, especially startups and small-to-medium enterprises (SMEs), in effectively monitoring diverse spending categories, such as subscriptions and payments to vendors.

The majority of Volopay’s clientele operate within the technology industry and typically employ between 15 and 150 individuals. Volopay’s platform consolidates multicurrency corporate cards (provided through Visa Corporate), both domestic and international bank transfers, automated payment systems, and integrations with expense and accounting software. This combination enables businesses to reduce foreign exchange costs and streamline their expense reconciliation processes.

To accelerate its development efforts, Volopay has integrated Airwallex’s APIs. Its corporate cards provide rewards of up to 2% cash back on key expense categories for tech companies – software subscriptions, hosting services, and international travel. Furthermore, in November 2020, Volopay introduced a credit facility for its corporate cards, designed to improve liquidity for SMEs during the COVID-19 pandemic.

Shaji explained that Volopay’s credit facility, also issued by Visa Corporate, offers a more advantageous and transparent pricing structure compared to conventional credit options like traditional credit cards and working capital loans. The pricing is based on the amount of credit utilized, providing companies with predictable costs and improved cash flow management. The typical credit line extended by Volopay is around $30,000.

Since its last coverage by TechCrunch in July 2020, Volopay has experienced a 70% monthly growth rate in the total value of funds processed through its platform, according to Shaji. During this period, the company also launched two new features: a bill payment service enabling domestic and international money transfers with competitive exchange rates and fees, and the aforementioned credit facility. The bill pay feature currently accounts for approximately 40% of Volopay’s overall payment volume, while the credit product represents 30% of its card spending.

Shaji conveyed to TechCrunch that the decision to expand into Australia was driven by the country’s larger market size compared to Singapore, and the fact that “SMEs in Australia readily embrace paid digital solutions to optimize internal processes and facilitate business growth.” He also noted the absence of a comparable provider in the Australian market offering both expense management and credit facilities tailored to SMEs like Volopay.

Updated to include Antler as an investor.