Know Your Customer Celebrates Double Client Win With Volopay and Coda Payments | Fintech Singapore

Know Your Customer Celebrates Double Client Win With Volopay and Coda Payments by Fintech News Singapore April 12, 2023 Regtech provider Know Your Customer announced that it has formed two new partnerships in Singapore with Volopay and Coda Payments. Know Your Customer’s innovative compliance platform will streamline client onboarding and periodic review tasks for both clients, delivering a more seamless due diligence experience to their vast pool of SME and corporate clients. Founded in 2020 in Singapore, Volopay offers corporate cards as well as receivable and payable management software in order to help businesses streamline approvals and expense workflows, lending complete control and visibility over their expenses. Since then, Volopay has expanded globally to Australia, Indonesia, and India as well. Meanwhile, Coda Payments is a provider of secure, cross-border monetisation solutions for digital products and services. Founded in 2011 and headquartered in Singapore, the company helps digital content publishers, including some of the biggest names in gaming such as Activision Blizzard, Riot Games and Tencent, unlock new revenue for their games, apps, and services in more than 60 markets worldwide. Claus Christensen Claus Christensen, CEO of Know Your Customer commented, “In a constant effort to lower the cost of compliance and provide access to essential payment services to SMEs and entrepreneurs, more and more fintech companies are turning to regtech providers to help them achieve this goal in a shorter timeframe.   We are proud that both Volopay and Coda Payments have chosen to partner with Know Your Customer to bring to life their ambitious vision for seamless onboarding and periodic reviews and we look forward to working with them to deliver the best possible experience to their vast range of local and international clients.” Rohit Bhageria Rohit Bhageria, Founding Member at Volopay added, “We at Volopay were looking for a comprehensive Identification and Verification software suite coupled with strong watchlist management and enhanced security features, and we have found that Know Your Customer checks all the boxes of our requirements.” Abhi Sharma Abhi Sharma, Chief Financial Officer at Coda Payments said, “At Coda Payments, we’ve always been a solution-focused company that is constantly looking for ways to improve productivity and strengthen our compliance commitments.   We’re confident that our partnership with Know Your Customer will allow us to do exactly that, and look forward to working together to streamline our compliance processes and boost efficiencies across the business.”   Know Your Customer said that the double client win comes at a time where the digital payments industry in Southeast Asia is experiencing unprecedented growth and is expected to reach US$ 1.5 trillion by 2030. In this environment, the next frontier of innovation is to provide financial services to entrepreneurs, SMEs and corporates in a seamless way, similar to what has now become the standard for consumers. To support payment providers in their dual objective of seamless onboarding and iron-clad compliance, Know Your Customer has developed a highly modular compliance platform that supports clients’ need for cross-border verification and Know Your Business (KYB) automation. By providing live access to company registries in 127 countries worldwide and an end-to-end digital compliance platform, Know Your Customer empowers fintech businesses to safely onboard clients across borders, unravel complex company structure charts and constantly stay in control of their regulatory obligations through automated periodic reviews. Both client wins were celebrated during an official signing ceremony hosted at the Tower Club Singapore, organised in partnership with the Ireland Ambassador to Singapore and Enterprise Ireland.   Get the hottest Fintech Singapore News once a month in your Inbox

Publish Date : 2023-04-12

volopay has partnered with freshworks for their startup program f

830 India, 26th July, 2022: With a vision to provide world class customer experience, Volopay, a Y-Combinator-backed corporate cards, and payable management company has partnered with Freshworks, for their startup program called ‘Freshworks for Startups’. The partnership enables the startup community of Volopay to enjoy various perks offered by the program such as cloud-based software, mentorship, and funding opportunities. The program has a platform called FORGE through which Volopay’s startup customers can avail one-on-one mentorship from the industry leaders as well as admission to various events and resources. Through the partnership, they will have access to Freshworks’ global community of over 400 VCs, accelerators, incubators, and startup communities from more than 87 countries. Commenting on the association, Mr. Rajith Shaji, Co-founder & CEO, Volopay, said, “Mentorship for startups helps the budding entrepreneurs in better understanding the company\'s long-term goals and developing a sustainable business plan. Through this partnership, our customers will have accessibility to industry leaders for their guidance. In addition to this, they will be able to utilise the cloud-based software offered by Freshworks to make their operations easier and economical. Our association with Freshworks for startups is another testimonial of our dedication to provide the best services to our customers.” Freshworks for Startups is offering 10,000 USD worth of credits split across essential software products across CRM (Customer relationship management), Helpdesk, Marketing Automation, HRMS (Human Resource Management System), ITSM (Information Technology Service Management), Live Chat, Cloud Telephony and much more. This makes it a beneficial partnership for Volopay and its community. Recently, Volopay also partnered with Plum. The partnership allowed Volopay’s clients to avail and access comprehensive insurance coverage and complimentary benefits like teleconsultations and health check-ups. Volopay is a one stop shop, unified, receivable and payable platform that can be used to streamline and automate the financial management of accounting and finance teams. Some of their clients include CoinDCX, Polygon (Matic), MPL, InVideo, MX Media, Livspace, Moneysmart, Smartkarma, Funding Societies, BukuWarung, Deputy, HealthifyMe, among others. About Volopay Volopay is a Singapore-based company on a mission to build a financial control center for modern businesses. Volopay combines business accounts, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation into one single platform. Since launching in Singapore and Australia the start-up has been on a strong growth trajectory and is now stepping into India, Indonesia, and the Philippines with MENA expansion on the horizon. Company :-Kaizzen User :- Divya Bharti Email :[email protected]

Publish Date : 2022-07-26

Volopay to offer corporate credit cards with SBM Bank India as it expands India offerings

Singapore-based business-to-business (B2B) payable management startup Volopay has partnered with State Bank of Mauritius India to offer corporate Visa and RuPay credit cards as it expands its offerings in the Indian market.The card is an extension of its current offerings in the Indian market helping small and medium businesses to manage their expenses and automate their accounts on the platform. Besides India, Volopay already has a presence in Australia and Singapore and is foraying into Indonesia and the Philippines.In Australia, the Y Combinator-backed startup is offering cards with Airwallex and ANZ Bank, in Singapore it has partnered with NIUM Pte Ltd.Under the partnership, SBM Bank India will provide the issuance of licensed Visa and Rupay credit cards and Volopay will act as the originator, distributor, and servicing agent of the bank.In an interview with Moneycontrol post the announcement, Volopay founding member Rohit Bhageria said, "We will go live with the offering next month. We already have 700 businesses on our waitlist. Our goal is to onboard 7,000 businesses in the next 12-18 months."As compared to Australia, the company expects the customer acquisition cost to be lower in India."In Australia our Customer Acquisition Cost (CAC) comes to around US $2,000. In India we are estimating the CAC to be around US $600-700," Bhageria  said.The announcement comes at a time when the Reserve Bank of India (RBI) has limited the role of co-branding partners to only marketing and distributing these cards and has disallowed them from storing any transaction data. The move came as a deterrent for consumer card players like Slice, Uni, PayU's LazyPay, Jupiter, Fi and credit card offerings by OneCard, KredX among others as transaction data helps these platforms offer cashback and rewards.According to industry sources, these companies are working on creating a technology service provider (TSP) entity, separate from the co-branding entity ahead of the July 1 deadline for these norms.Bhageria believes this norm will only impact co-branding partnerships with other brands such as Zomato, Amazon etc that may not be TSP partners to banks."The interpretation is very simple. If you see the norms globally, we are not just a pure-play co-branding entity, we are also a TSP to our banking partner as well as to the bank," he said.The company is not impacted by RBI's recent clarification that said lending through prepaid payment instruments (PPIs) like prepaid cards and wallets as this is a pure-play credit card offering.Recently, Volopay also partnered with Visa for their Fintech Fast Track Program to offer financial management solutions in the Asia-Pacific region.In May this year, the company appointed former Citibank executive Nirvikar Jain as the Global Business Officer to strengthen its leadership team.Besides Citibank, Jain also worked with First Abu Dhabi Bank as its India CEO, and Bank of America besides holding key executive roles with tech startups.In India, Volopay competes with players like EnKash, Karbon and Kodo which help businesses manage spends and extend corporate credit cards in partnerships with banks.Volopay raised $29 million as part of its Series A round in March this year from the Winklevoss twins - Cameron and Tyler along with a global decacorn among others to enter the Indian market.The round included participation from JAM Fund, Winklevoss Capital Management, Accial Capital, Rapyd Ventures, fintech veterans Jeffrey Cruttenden - CEO of Acorns, Sweta Rau - Founder of White Ventures, Amrish Rau - CEO of Pine Labs and Jitendra Gupta - Founder & CEO of Jupiter, along with Antler Global and VentureSouq.

Publish Date : 2022-06-29

Singapore fintech Volopay raises US$29 Million for regional expansion

Singapore-based Volopay has raised US$29 million (S$39.3 million) in its Series A funding round which will drive its tech innovation and expansion across APAC, the Middle East and North Africa.   Backed by American technology start-up accelerator Y Combinator, Volopay combines business accounts, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation into a single platform. The Series A round included JAM Fund, prominent American crypto investors Tyler and Cameron Winklevoss through their Winklevoss Capital Management, Accial Capital, Rapyd Ventures, angel investor Jeffrey Cruttenden of Acorns and also Access Ventures, Antler Global, and VentureSouq. The funding round is a mix of equity and debt and will be used to tackle small business issues of high forex charges for overseas payments and the lack of a uniform platform to access spending data. Volopay offers companies multi-currency wallets that hold their local currency as well as major currencies, which they can use to make international payments without exorbitant forex fees. Since launching in Singapore and Australia, the start-up has spread across the Asia Pacific region; it is currently building its own infrastructure to enable global clients to avoid having to integrate with multiple third-party financial services platforms. Volopay chief executive and co-founder Rajith Shaji said the company is building a control centre to cover all the financial management needs of modern companies. “Our platform is as easy and seamless to use for a five-person company, as it is for a 500-person company,” Shaji said in a statement. “We want to take our vision of a unified spend management platform to all companies across the world after our initial markets of APAC and MENA.” Justin Mateen, founder of Tinder and JAM Fund who led the round, said he had worked closely with Volopay since his original investment at the pre-seed stage. “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,” Mateen said.

Publish Date : 2022-03-22

Data Vantage: Mighty Jaxx's Series A+, Tiger ups stake in PDAX, and other updates

Data Vantage: Mighty Jaxx's Series A+, Tiger ups stake in PDAX, and other updatesSingapore-based collectibles maker Mighty Jaxx on Monday announced it has raised $20 million in the first close of a Series A+ round led by East Ventures (Growth Fund).Start your deal-making journey now!Subscribe now to enjoy unlimited access at just $52.Premium coverage on private equity, venture capital, and startups in Asia.Exclusive scoops from our reporters in nine key markets.In-depth interviews with industry leaders shaping the ecosystem.Subscribe nowPrinted by Unregistered user on Mon, 30 Oct 2023 06:19:33 GMT

Publish Date : 2022-03-08

News: Volopay raises $29 million in Series A funding to expand across APAC and MENA — People Matters

Volopay, a fintech firm based in Singapore, has raised a $29 million Series A round of debt and equity investment from Winklevoss brothers to extend its footprint in Asia-Pacific, the Middle East, and North Africa. Founded by Shaji and Rajesh Raikwar, the Singapore based spend management software firm helps businesses manage their finances by giving them real-time visibility and control of their corporate spending. The firm has raised $31.4 million in total since its beginning in 2019, including a $2.1 million seed round last January, according to co-founder and CEO Rajith Shaji, reports TechCrunch. The funds will be used to develop new technologies that will complement the startup's current offering and improve its integration with enterprise resource planning, human resource management, and customer relationship management software. Volopay will also actively hire in each of its new markets, the report adds. Volopay users also get access to multicurrency wallets that handle over 65 major currencies in over 100 countries without incurring foreign exchange fees, as well as expenditure management software that allows them to track and control all of their expenses in real-time. Since entering the Singaporean and Australian markets, Volopay has expanded its focus to include the entire APAC region as well as MENA countries such as the United Arab Emirates, Saudi Arabia, and Egypt, according to the report. Since the beginning of 2021, the company has grown from 20 to over 150 people and acquired over 700 customers, including Funding Societies, Zipmex, Moneysmart, Smartkarma, and Austrionova. Read full story

Publish Date : 2022-03-01

Singapore-based Volopay accelerates APAC and MENA expansionwith $29M Series A

Volopay, a Singapore-based fintech startup, raised a $29 million Series A in debt and equity financing as it seeks to further expand its footprint in Asia-Pacific, the Middle East and North Africa. To date, Volopay has raised approximately $31.4 million since its inception in 2019, which includes its $2.1 million seed round last January, co-founder [] Click here to read full news..

Publish Date : 2022-03-01

Volopay announces partnership with global real estate technology giant WeWork; launches free reimbursement feature.

SINGAPORE, July 7, 2021 /PRNewswire/ -- Singapore based Fintech startup Volopay announced a partnership with WeWork to offer an integrated business spend management solution in Singapore and Australia. The partnership demonstrates Volopay's continued progress in the fintech space with its sophisticated financial control platform for modern businesses. It enforces the vision to unify, by combining all business payments, approvals, accounting automation, and expense reimbursements together into one single stack and offering this solution to WeWork's members. This partnership will offer WeWork's members, from startups to larger tech enterprises, to streamline their expense and payable management processes that align with their business needs. Further, it will add significant value propositions to its members relating to substantial savings, digitalization, and automation of their financial processes. As per Rohit Bhageria, Founding Member of Volopay: "We are thrilled to join hands with WeWork. With this partnership, Volopay can extend its reach to WeWork's members and help them save time and money. Its members can close their books 5x faster and enjoy industry best cashback programs on top of the excellent payable management solution." Further, the news comes on the heels of Volopay's launch of a free reimbursement module that consolidates employee expenses in an exhaustive spend management platform for all startups and enterprises. Many companies still fail to stay on top of employee out-of-pocket reimbursements and struggle with tracking expenses, settling claims, and processing reports. Volopay's expense reimbursement feature improves the efficiency of expense claim processing while providing seamless automation with accounting and HR software, thus making the employee reimbursement process a breeze, and it's completely free. As the ideal solution for the most common problem faced by employees all over, Volopay's  employee reimbursements module ensures real-time updates with complete visibility. While employees enjoy a highly organized workflow of expense reporting and instant reimbursement directly to the bank account, company admin teams appreciate a methodical and meticulous approach to managing business expenses. About WeWork WeWork is a global leader in commercial real estate. Founded in 2010 with a vision to provide flexible shared workspaces and dynamic working environments to its members. Since then, WeWork has expanded to more than 800 locations and 118 cities. WeWork delivers technology-driven flexible solutions from freelancers to satellite sales teams, solo entrepreneurs to Fortune 500 companies. About Volopay Volopay is a company on a mission to build a financial control center for modern businesses. It combines business accounts, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation into a single platform. Since launching in Singapore, the startup has been on a strong growth trajectory, growing at 70 percent month on month. They are now active in Singapore and Australia, and are soon expanding into Indonesia, the Philippines, and the MENA region.

Publish Date : 2021-07-06

Volopay raises USD 2.1M seed funding; company expands into Australia

Volopay raises USD 2.1M seed funding; company expands into Australia By Edil Corneille Singapore-based Volopay raised USD 2.1 million in a seed round funding to provide businesses and startups in the Asia Pacific (APAC) region with a powerful control center for all their financial needs. The investment round was led by Tinder founder Justin Mateen. Other investors joining the round were Soma Capital, CP Ventures, Y Combinator, VentureSouq, the founders of Razorpay, and other prominent angel investors. Volopay was founded in 2019 by CEO Rajith Shaji and CTO Rajesh Raikwar. The founders met while working at a financial services comparison platform based in Singapore. Whilst there, Rajith and Rajesh experienced the challenges that existed in tracking different company spendings such as subscriptions, vendor payments, and employee reimbursements. “The whole process is broken. I would spend hours noting down each individual spend and then have to reconcile it with receipts. Once submitted through the company’s expense platform, I would wait a whole month before being reimbursed the funds,” said Volopay CEO Rajith Shaji. Integrating Airwallex’s APIs to better serve customers “To fast track our customer offering, we’ve chosen to integrate with fintech giant Airwallex’s API suite. We were impressed by how easy Airwallex’s API technology integrated with Volopay, providing us with robust payment and issuing capabilities,” said Volopay CEO Rajith Shaji. “We are excited to be Volopay’s chosen API partner at such a significant stage of the company’s growth. Airwallex’s purpose is to empower businesses like Volopay to grow without borders and as a result, contribute to the growth of the global economy,” said Dave Stein, Head Of Corporate Development at Airwallex. Customer growth at 70 per cent M-o-M Since the launch of the product in June 2019, more than 100 companies have started using the product in Singapore including companies like InVideo, Dathena, Medline, Sensorflow, Beam, etc. Volopay is a company on a mission to build a financial control center for modern businesses. Volopay combines business accounts, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation into a single platform. Since launching in Singapore the startup has been on a strong growth trajectory, growing at 70 per cent month on month. They are now stepping into the Australian market, starting in late January. Previous Article Plaid launches FinRise, an incubator program to support early-stage BIPOC founders Read More Next Article N26 and Allianz expand insurance coverage for consumers; adds epidemic and pandemic related claims Read More

Publish Date : 2021-01-22

Singapore-based Volopay raises $2.1 million seed round to build a “financial control center” for businesses | TechCrunch

Volopay, a Singapore-based startup building a “financial control center” for businesses, announced today it has raised $2.1 million in seed funding. The round was led by Tinder co-founder Justin Mateen, and included participation from Soma Capital, CP Ventures, Y Combinator, VentureSouq, the founders of Razorpay, Antler and other angel investors. 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 InVideo, Dathena, Medline, Sensorflow and Beam. Launched in 2019 by Rajith Shaiji and Rajesh Raikwar, Volopay took part in Y Combinator’s accelerator program last year. It was created after chief executive officer Shaji, who worked for several fintech companies before launching Volopay, became frustrated by the process of reconciling business expenses, especially with accounting departments located in different countries. Shaiji and Raikwar also saw that many companies, especially startups and SMEs, struggled to track different kinds of spending, including subscriptions and vendor payments. Most of Volopay’s clients are in the tech sector and have about 15 to 150 employees. Volopay’s platform integrates multicurrency corporate cards (issued by Visa Corporate), domestic and international bank transfers, automated payments and expense and accounting software, allowing companies to save money on foreign exchange fees and reconcile expenses more quickly. In order to speed up its development, Volopay integrated Airwallex’s APIs. Its corporate cards offer up to 2% cash back on software subscriptions, hosting and international travel, which Volopay says are the three top expense categories for tech companies, and it in November 2020, it launched a credit facility for corporate cards to help give SMEs more liquidity during the COVID-19 pandemic. Compared to traditional credit products, like credit cards and working capital loans, Shaji said Volopay’s credit facility, which is also issued by Visa Corporate, has a more competitive fixed-free pricing structure that depends on the level of credit used. This means companies know how much they owe in advance, which in turn helps them manage their cashflows more easily. The average credit line provided by Volopay is about $30,000. Since TechCrunch last covered Volopay in July 2020, it has grown 70% month on month in terms of total funds flowing through its platform, Shaji said. It also launched two new features: A bill pay feature that allows clients to transfer money domestically and internationally with low foreign exchange rates and transaction fees, and the credit facility. The bill pay feature now contributes about 40% to Volopay’s total payment volume, while the credit product makes up 30% of its card spending. Shaji told TechCrunch that Volopay decided to expand into Australia because because not only is it a much larger market than Singapore, but “SMEs in Australia are very comfortable using paid digital software to streamline internal operations and scale their businesses.” He added that there is currently no other provider in Australia that offers both expense management and credit to SMEs like Volopay. Updated to add Antler as an investor.

Publish Date : 2021-01-18