Volopay creators Rajith Shaji and Rajesh Raikwar Little-to medium-sized companies that do a lot of global organisation have to handle 2 big headaches: high foreign exchange fees and business cost tracking. Volopay, a Singapore-based monetary tech start-up with offices in Bangalore, wishes to help by integrating pre-paid multi-currency corporate cards, cost tracking and accounting tools into one free-to-use platform. Volopay is currently participating in Y Combinator and is likewise part of Antler and Nium’s Bolt, two other accelerator programs. It now has about 40 customers in Singapore, primarily tech startups like Dathena, Tookitaki and Appknox, and plans to launch in Indonesia and
Australia within the next six months. The business was established in 2015 by president Rajith Shaji and chief innovation officer Rajesh Raikwar, who satisfied while operating at MoneySmart, a monetary services contrast platform. Prior to joining MoneySmart, Shaji likewise held positions at < a class="crunchbase-link"href="https://crunchbase.com/organization/aax-b20d"target="_ blank"data-type="organization" data-entity =”aax-b20d”> fintech business like CompareAsiaGroup, MatchMove and BankBazaar.com.
Shaji invested the majority of his time working in India, however frequently traveled to offices abroad. Handling corporate expenses after every trip was a “nightmare,” Shaji told TechCrunch.
“Each time I returned home, I needed to make a list of all my expenditures on behalf of the business. Of all, it typically ran up to a couple of thousand dollars and I had to put in all these receipts and everything,” he said.
Shaji did not have access to the majority of the accounting software application used by the companies’ accounting departments and interacting with them across various time zones made the process much more cumbersome and lengthy.
Volopay addresses those problems by combining pre-paid multi-currency corporate cards (offered as virtual or physical cards), domestic and worldwide bank transfers, automated payments, and cost and accounting software on one platform. Volopay’s app lets staff members request more funds for their pre-paid cards from supervisors, who can approve or turn down the demand quickly.
Shaji stated this conserves business money on forex costs, which are usually about 3% of a transaction on a standard credit card, and provides real-time presence into spending.
Volopay is totally free to use and generates income through the interchange charges charge card charge merchants. Interchange costs also allow Volopay to provide benefits like cashback offers.
Shaji said the business desires be the “Brex of Southeast Asia.” Like Brex, it uses an alternative to standard financial services for startups and other small- to mid-sized services. However it needs to take on a number of companies that likewise want to solve a few of the very same issues, like high fees for cross-border banking and corporate expense tracking. Transferwise and Revolut both have operations in Singapore, while Neat and Aspire, based in Hong Kong and Singapore respectively, offer online service accounts.
Shaji said Volopay’s integration of numerous services on one platform gives it an one-upmanship, adding that a better contrast to his startup is YouTrip, a multi-currency wallet for customers that is popular in Singapore.
With accounts linked to a prepaid Mastercard, YouTrip users can pay in 150 currencies without charges and it likewise supports in-app foreign currency exchanges. When describing Volopay to potential clients, Shaji often refers to it as “YouTrip for business.”
“YouTrip is a popular brand name [in Singapore], everyone knows they can fill their cash on it and conserve cash on forex,” he said. Volopay gives the very same performance to business, with accounting software included.
Volopay currently focuses on serving small businesses with 25 or more employees, especially tech start-ups that are scaling their operations and therefore require to handle increasing varieties of online payments and expenditures. Shaji stated Volopay has actually likewise signed up several marketing agencies, due to the fact that many deal with multiple tasks, and for that reason have to handle several budget plans simultaneously.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.