Simplifying management of spending rules with Volopay

The fintech startup offers a seamless, completely digital method of financial control.

Managing internal spending could be a nightmare for finance teams, especially for businesses that traditionally adopted labour-intensive and manual processes around the control of company expenses.

Easing this process is what made fintech startup Volopay well-loved by clients, CEO and founder Rajith Shaji said in an interview with Singapore Business Review.

When Shaji and co-founder Rajesh Raikwar started Volopay, they had three challenges they needed to tackle. One was the huge range of software used by businesses to run operations. Volopay needed to find a way to sync with them or replace a sizable chunk of it.

The second challenge was smaller businesses were yet to grasp how efficient and cost-effective a digital platform was. The third was Volopay had to make clients see the value in the unique product ot was offering.

“Volopay provides startups and companies with a financial control centre which allows them to easily and seamlessly manage business spending, employee reimbursements, money remittances, online subscriptions whilst also providing access to credit and accounting integrations,” Shaji said.

Volopay offers physical and virtual cards that can manage marketing SaaS spending. Companies may also use the platform for money transfer for both local and international. Its automated accounting can track every transaction, helping many clients manage ongoing cash flow requirements and continue scaling their businesses.

The company earns revenue from monthly subscription fees, transactional fees on international payments, and fees associated with the provision of the credit line.

According to Shaji, Volopay holds around $2.92m (US$2.2m) in funding.

“We have experienced very strong growth since launching our product in Singapore in June 2019. Since that time we have grown on average at 70% month on month,” the CEO added. “We are currently working on an initiative to build sizable partnerships with accounting firms, tax specialists, and other corporate secretariat service providers in Singapore."

The company is aiming to become the financial control centre for businesses and provide clients a hub through which they can manage and operate all the financial operations of their business.