Small to medium businesses that deal with a lot of international business have to take care of high foreign exchange fees and corporate expense tracking. Volopay is a Singapore-based financial tech startup with its offices in Bangalore.
The company is originating with the purpose of integrating into one free-to-use platform prepaid multi-currency corporate cards, expense tracking and accounting tools. At present, Volopay is participating in Y Combinator and also in Antler and Nium’s Bolt, two other accelerator programs.
The firm now has roughly about 40 clients in Singapore including: Dathena, Tookitaki and Appknox and it now has plans of launching in Indonesia and Australia apparently within next six months. Volopay was established last year collaboratively by chief executive officer, Rajith Shaji and chief technology officer Rajesh Raikwar, they met each other while working at MoneySmart, a financial services comparison platform.
Shaji was mostly in India, but very often travelled to offices abroad. He said that dealing with corporate expenses post every trip was a nightmare.
“Each time I went back home, I had to make a list of all my expenses on behalf of the company. First of all, it often ran up to a few thousand dollars and I had to put in all these receipts and everything,” he said.
Shaji was not having access to most of the accounting software used by the companies’ accounting departments and communicating with them made things incommodious.
This made him start Volopay, it addresses those issues by combining prepaid multi-currency corporate cards (available as physical or virtual cards), domestic and international bank transfers, automated payments and expense and accounting software on one platform. Volopay’s app lets employees ask for more funds for their prepaid cards from managers, who can approve or reject the request instantly.