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Singapore-based Volopay wants to be the “Brex of Southeast Asia”

Singapore-based Volopay wants to be the “Brex of Southeast Asia”

Volopay founders Rajith Shaji and Rajesh Raikwar

Small- to medium-sized firms that do numerous worldwide enterprise should cope with two large complications: excessive international change charges and company expense monitoring. Volopay, a Singapore-based monetary tech startup with workplaces in Bangalore, needs to assist by integrating pay as you go multi-currency company playing cards, expense monitoring and accounting instruments into one free-to-use platform.

Volopay is at present participating in Y Combinator and can be a part of Antler and Nium’s Bolt, two different accelerator packages. It now has about 40 purchasers in Singapore, principally tech startups like Dathena, Tookitaki and Appknox, and plans to launch in Indonesia and Australia throughout the subsequent six months.

The firm was based final 12 months by chief govt officer Rajith Shaji and chief know-how officer Rajesh Raikwar, who met whereas working at MoneySmart, a monetary providers comparability platform. Before becoming a member of MoneySmart, Shaji additionally held positions at fintech firms like EvaluateAsiaGroup, MatchMove and BankBazaar.com.

Shaji spent most of his time working in India, however usually traveled to workplaces overseas. Dealing with company bills after each journey was a “nightmare,” Shaji advised TechCrunch.

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“Each time I went again house, I needed to make a listing of all my bills on behalf of the corporate. First of all, it usually ran up to a couple thousand {dollars} and I needed to put in all these receipts and every little thing,” he mentioned.

Shaji didn’t have entry to a lot of the accounting software program utilized by the businesses’ accounting departments and speaking with them throughout totally different time zones made the method much more cumbersome and time-consuming.

Volopay addresses these points by combining pay as you go multi-currency company playing cards (out there as bodily or digital playing cards), home and worldwide financial institution transfers, automated funds, and expense and accounting software program on one platform. Volopay’s app lets staff ask for extra funds for his or her pay as you go playing cards from managers, who can approve or reject the request immediately.

1596099898 591 Singapore based Volopay wants to be the “Brex of Southeast Asia”

Shaji mentioned this protects firms cash on international change charges, that are sometimes about 3% of a transaction on a conventional bank card, and offers them real-time visibility into spending.

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Volopay is free to make use of and earns cash by way of the interchange charges bank cards cost retailers. Interchange charges additionally allow Volopay to supply perks like cashback offers.

Shaji mentioned the corporate aspires to be the “Brex of Southeast Asia.” Like Brex, it presents an alternative choice to conventional monetary providers for startups and different small- to mid-sized companies. But it must compete with a number of firms that additionally wish to resolve among the similar issues, like excessive charges for cross-border banking and company expense monitoring. For instance, Transferwise and Revolut each have operations in Singapore, whereas Neat and Aspire, primarily based in Hong Kong and Singapore respectively, provide on-line enterprise accounts.

Shaji mentioned Volopay’s integration of a number of providers on one platform provides it a aggressive edge, including that a greater comparability to his startup is YouTrip, a multi-currency pockets for shoppers that’s fashionable in Singapore.

With accounts linked to a pay as you go Mastercard, YouTrip customers could make funds in 150 currencies with out charges and it additionally helps in-app international forex exchanges. When explaining Volopay to potential purchasers, Shaji usually refers to it as “YouTrip for firms.”

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“YouTrip is a well known model [in Singapore], everybody is aware of they will load their cash on it and lower your expenses on international change,” he mentioned. Volopay provides the identical performance to firms, with accounting software program added.

Volopay at present focuses on serving small companies with 25 or extra staff, particularly tech startups which might be scaling their operations and due to this fact have to handle rising numbers of on-line funds and bills. Shaji mentioned Volopay has additionally signed up a number of advertising and marketing companies, as a result of many work on a number of tasks, and due to this fact should juggle a number of budgets without delay.

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