A Singapore-based startup, Volopay, builds a “financial control center” for business, announced that it has raised a $2.1 million seed business.
The round was led by Tinder Co-Founder Justin Mateen. Other investors including Soma Capital, CP Ventures, Y Combinator, VentureSouq, Antler, and Harshil Mathur and Shashank Kumar, the founders of Razorpay, also participated in the funding round.
“Helping companies with tools that make it easier to do business and get their expenses under control is a huge opportunity globally, especially in the post-Covid world,” said Y Combinator partner Gustaf Alstromer.
The funding will be used on hiring, product development, strategic partnerships, and Volopay’s international expansion. It plans to launch operations in Australia later this month. The company currently has about 100 clients, including Smartkarma, Dathena, Medline, Sensorflow, and Beam.
“The whole process is broken. I would spend hours noting down each individual spend and then have to reconcile it with receipts,” said Volopay CEO Rajith Shaji of how the company came to develop its services. “The lack of visibility meant that startups were losing money due to unaccounted expenses.”