Fintech startup Volopay raises US$29m led by Tinder co-founder's JAM Fund

VOLOPAY, a Singapore-based corporate card and payable management startup, has raised US$29 million in equity and debt in a Series A round led by JAM Fund, the venture capital firm of Tinder co-founder Justin Mateen.

Other investors in the round include Winklevoss Capital Management, the vehicle of the Winklevoss twins behind crypto exchange Gemini, and Rapyd Ventures, the venture arm of payments company Rapyd.

They were joined by Accial Capital, Access Ventures, Antler Global, VentureSouq and angel investor Jeffrey Cruttenden, chief executive of fintech firm Acorns.

Founded in 2019, Volopay provides its clients with multi-currency wallets, addressing the pain point of high forex charges that startups and SMEs face. Its clients include Funding Societies, Zipmex, Moneysmart and Smartkarma.

Mateen said in a Tuesday press release that he has worked closely with Volopay since he first invested at the pre-seed stage. The company had raised US$2.1 million led by Mateen last year.

"Given the accelerating growth of the business, and the team's ability to innovate quickly on the product side with a single-stack and scalable platform across multiple jurisdictions, it was only natural to triple down and lead the Series A round," he said.

Michael Shum, chief investment officer at Accial Capital said that the B2B corporate spend vertical is a way to support entrepreneurs and SMEs with liquidity and close the credit gap.

Volopay will use the capital to expand in Asia-Pacific, and the Middle East and North African regions. It will also allocate funds to build new tech, integrate with enterprise software applications and hire "aggressively" for key positions.