Volopay, a Y Combinator-backed company playing cards and payable administration startup, has secured in-principle approval for a Main Cost Establishment (MPI) license from the Financial Authority of Singapore (MAS).
The agency’s fee companies specifically account issuance, e-money, home cash switch and cross-border cash transfers will now be regulated underneath the Cost Providers Act.
Volopay stated that the approval will allow it to “strengthen its foothold and companies in its house city-state of Singapore” and “maximise its current companies to Singapore-based firms which have a regional presence throughout APAC”.
Launched in 2020, Volopay is a accomplice of Visa and presently affords expense administration, bill dealing with, accounting integrations, department-specific finance administration, reimbursements, and company playing cards.
Volopay had raised US$29 million in its Sequence A spherical by way of a mixture of fairness and debt in March 2022. The agency which was initially solely serving Singapore and Australia, had additionally quickly expanded its footprint by breaking into new markets specifically India and Indonesia final yr.
Rohit Bhageria
Rohit Bhageria, Founding Member of Volopay stated,
“The license will permit us to function an end-to-end stack together with buyer onboarding, front-end digital expertise, distribution community and direct card issuance capabilities with the assistance of community and schemes.
With this, we will considerably increase our internet revenue margins and make Singapore an vital and key enterprise unit, totally worthwhile (standalone foundation) by the tip of 2023 or mid-2024.”
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