VOLOPAY

Rajith Shaji and Rajesh Raikwar were running businesses in Singapore and experienced firsthand how painful corporate expense management was in Asia. Every vendor wanted a different payment method, every country had different regulations, and reconciling everything took days.

They founded Volopay in 2019 to build a unified spend management platform for APAC businesses. The company started in Singapore and expanded to India, Indonesia, and Australia.

SaaS with transaction-based revenue. Plans start at $99/month.

Revenue from subscription fees, interchange fees on card transactions, and FX margins. Enterprise plans with custom pricing for larger organizations.

Volopay Cards (virtual and physical corporate cards). Expense Management (automated receipt matching).

Accounts Payable (vendor payments and bill management). Multi-Currency Wallets.

Real-time Spend Analytics. Accounting integrations (Xero, QuickBooks, Netsuite).

Product-led growth targeting CFOs and finance teams in APAC. Volopay grew by solving specific pain points — automated receipt matching, real-time spending visibility, and multi-currency payments — that traditional APAC banks handle poorly.

The company targets mid-market businesses (50-500 employees) that have outgrown spreadsheets but are too small for enterprise treasury platforms.

Crowded market. Volopay competes with Aspire, Airwallex, Spenmo, and traditional corporate card providers across multiple APAC markets.

Differentiation is primarily through product quality and APAC-specific features.

Backed by JAM Fund, Winklevoss Capital, and Accial Capital. The company has raised modestly and focused on capital efficiency.