Tinder co-founder leads US$2.1m seed funding in Singapore fintech Volopay

SINGAPORE-BASED fintech Volopay has raised US$2.1 million in seed funding led by Justin Mateen, a co-founder of US dating app Tinder, the startup announced on Tuesday.

Other investors in the round include Soma Capital, CP Ventures, Y Combinator, VentureSouq, Antler, as well as angel investors such as the founders of Indian fintech firm Razorpay, Shashank Kumar and Harshil Mathur.

Founded in 2019, Volopay offers businesses and startups in the Asia-Pacific a platform for their financial needs, including business accounts, corporate cards, money transfers, expense tracking, subscription management and accounting. Its corporate card for startups offers up to 2 per cent cash back on software subscriptions, hosting and international travel.

Volopay said that more than 100 companies have started using its product in Singapore since its inception in June 2019; examples are startups Smartkarma, Sensorflow and Beam.

The startup's co-founder and chief executive officer, Rajith Shaji, said: "Volopay sets out to re-imagine business banking for startups and tech companies, while providing significant cash back and savings."

Mr Shaji and co-founder/chief technology officer Rajesh Raikwar had previously worked for financial comparison platform MoneySmart Group, say their LinkedIn profiles.

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Volopay will use the fresh funds for hiring, product development, international expansion and strategic partnerships. It also plans to launch operations in Australia this month.

Y Combinator partner Gustaf Alstromer said: "Volopay has already shown they are ready to create the financial control centre for businesses of all sizes that need to grow and scale. We have seen this already with Brex in the USA, and see that Volopay is on a similar trajectory to empower businesses across the Asia-Pacific."