“Can a Southeast Asia-born spend management platform become the embedded finance backbone for HRIS, payroll, and bank business apps across APAC and MENA?”
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.
Volopay discloses Nium as its banking provider, according to the Embedded Finance Index 2026.
Volopay does not disclose a bank charter of its own; its banking services are provided through Nium.
Volopay processes payments through Volopay corporate cards (self-operated program).
Volopay's cards are issued through Nium.
Volopay's lending and capital products are provided by Volopay (in-house).
Volopay uses Nium and Airwallex for FX and cross-border payouts.
Volopay integrates with QuickBooks, Xero, NetSuite, Sage and Other ERPs (custom integrations).
The Embedded Finance Index 2026 maps 7 layers in Volopay's stack: Payments / PSP (Volopay corporate cards (self-operated program)); Banking / BaaS (Nium); Card issuing (Nium); Lending (Volopay (in-house), Volopay Business Line of Credit (Singapore), Volopay Business Line of Credit (India), Volopay Pay Later (Singapore) and 1 other); FX & payouts (Nium and Airwallex); Accounting (QuickBooks, Xero, NetSuite, Sage and 1 other); Spend / AP (Volopay (self-operated)).
Volopay was founded by Rajith Shaji and Rajesh Raikwar and is founded in 2019, headquartered in Singapore.
Volopay has raised ~$31.4M (as of 2022) in total (latest round: Series A, 2022).
Get a read on where your own stack stands against Volopay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.