Volopay targets break-even by 2025 as revenue grows 2.5x in the last 13 months

Co-founders Rajith Shaji (Left) and Rajesh Raikwar/ Photo credit: Volopay

After seeing a 2.5x growth in revenue in the last 13 months, Singapore-based Volopay said it aims to break-even at the company level by the middle of 2025.

Since securing its series A funding in December 2021, the fintech startup said it has seen a fourfold surge in both its payment volume and revenue.

In the financial year ending 2021, Volopay’s generated nearly US$662,000 in revenue while losses stood at US$839,000, according to the company’s filings.

Now, it aims to triple its client base and monthly recurring revenue within the next 12 months to 18 months.

The company is also looking to expand its presence by applying for licenses in other markets. For instance, Volopay is pursuing an Australian Financial Services License (AFSL) for non-cash payments. It is eyeing the Philippines as well, seeking to secure a credit card license and OPS (operator of payment service) status in the country.

Founded in 2019, Volopay offers expense approvals, corporate cards, bill payments, expense reimbursements, credit, cashback, and accounting automation on one platform.

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With operations in India, Indonesia, Singapore, the Philippines, and Australia, Volopay has onboarded over 1,300 businesses across these markets. Notable clients include FCM Singapore, Rakuten Travel Xchange, Mobile Premier League, and Teleport.

In March 2022, Volopay got US$29 million in a series A round led by Justin Mateen, founder of Tinder and Jam Fund. Investors including Antler Global, Winklevoss Capital Management, and Acorns CEO Jeffrey Cruttenden also participated in the fundraise.