Volopay
“Can a Southeast Asia-born spend management platform become the embedded finance backbone for HRIS, payroll, and bank business apps across APAC and MENA?”
Founded2019
HQSingapore
FoundersRajith Shaji, Rajesh Raikwar
Total raised~$31.4M (as of 2022)
Latest roundSeries A, 2022
IndustryHorizontal SaaS / Spend Management
The story
Volopay launched in 2019 as a Singapore-based corporate card and expense management platform for APAC SMBs, building cross-border card and payout infrastructure on top of Nium. Through 2022-2025 it expanded into a full all-in-one spend stack — corporate cards, AP, procurement, multi-currency accounts, reimbursements — across Singapore, India, Australia, UK, Canada, and the US. In 2026 leadership began publicly positioning Volopay as an embedded-finance provider, supplying cards, payments, credit and payroll flows inside third-party HRIS, payroll, and bank business apps.
Product timeline
2019
Founded in Singapore by Rajith Shaji and Rajesh Raikwar as a financial control center for businesses.· founding
2021
Closed $2.1M seed round.· funding
2022
Raised $29M Series A to accelerate APAC and MENA expansion.· funding
2025
Launched UPI payments in India and expanded all-in-one spend platform (cards, AP, procurement).· product
2026
CEO publicly positions Volopay as an embedded-finance provider, powering payment flows inside HRIS/payroll and bank business apps.· pivot
The stack
Payments / PSP
Banking / BaaS
Card issuing
Lending
Volopay (in-house)Volopay Business Line of Credit (Singapore)Volopay Business Line of Credit (India)Volopay Pay Later (Singapore)Credit line up to $500K
FX & payouts
Accounting
Accounting gap: none