Singapore-based Volopay raises $2.1 million seed round to build a “financial control center” for businesses

Volopay, a Singapore-based startup building a “financial control center” for businesses, announced today it has raised $ 2.1 million in seed funding. The round was led by Tinder co-founder Justin Mateen, and included participation from Soma Capital, CP Ventures, Y Combinator, VentureSouq, the founders of Razorpay and other angel investors.

The funding will be used on hiring, product development, strategic partnerships and Volopay’s international expansion. It plans to launch operations in Australia later this month. The company currently has about 100 clients, including Smart Karma, Dathena, Medline, Sensorflow and Beam.

Launched in 2019 by Rajith Shaiji and Rajesh Raikwar, Volopay took part in Y Combinator’s accelerator program last year. It was created after chief executive officer Shaji, who worked for several fintech companies before launching Volopay, became frustrated by the process of reconciling business expenses, especially with accounting departments located in different countries. Shaiji and Raikwar also saw that many companies, especially startups and SMEs, struggled to track different kinds of spending, including subscriptions and vendor payments.

Most of Volopay’s clients are in the tech sector and have about 15 to 150 employees. Volopay’s platform integrates multi-currency corporate cards (issued by VISA Corporate), domestic and international bank transfers, automated payments and expense and accounting software, allowing companies to save money on foreign exchange fees and reconcile expenses more quickly.

In order to speed up its development, Volopay integrated Airwallex’s APIs. Its corporate cards offer up to 2% cashback on software subscriptions, hosting and international travel, which Volopay says are the three top expense categories for tech companies, and it in November 2020, it launched a credit facility for corporate cards to help give SMEs more liquidity during the COVID-19 pandemic.

Compared to traditional credit products, like credit cards and working capital loans, Shaji said Volopay’s credit facility, which is also issued by VISA Corporate, has a more competitive fixed-free pricing structure that depends on the level of credit used. This means companies know how much they owe in advance, which in turn helps them manage their cashflows more easily. The average credit line provided by Volopay is about $ 30,000.

Since TechCrunch last covered Volopay in July 2020, it has grown 70% month on month in terms of total funds flowing through its platform, Shaji said. It also launched two new features: a bill pay feature that allows clients to transfer money domestically and internationally with low foreign exchange rates and transaction fees, and the credit facility. The bill pay feature now contributes about 40% to Volopay’s total payment volume, while the credit product makes up 30% of its card spending.

Shaji told TechCrunch that Volopay decided to expand into Australia because because not only is it a much larger market than Singapore, but “SMEs in Australia are very comfortable using paid digital software to streamline internal operations and scale their businesses.” He added that there is currently no other provider in Australia that offers both expense management and credit to SMEs like Volopay.

Startups – TechCrunch

British low-alcohol spirits startup CleanCo lands €7.8 million to promote ‘hangover-free drinking’ internationally

British premium low-alcohol spirits startup, CleanCo, has secured around €7.8 million in funding as investors and consumers reveal an insatiable thirst for hangover-free drinking. The latest investment takes the total now raised by the business to around €10.2 million. The company within the “nolo” (no- or low- alcohol) category received the cash injection from existing…

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Munich-based HR scaleup Personio lands €103.5 million Series D funding and a €1.4 billion valuation

Munich-based Personio, the all-in-one HR platform, today announces approx. €103.5 million of new and preemptive Series D funding in an investment round that values the business at around €1.4 billion. The new funding will accelerate further the scaleup’s international expansion, supporting its ambition of becoming Europe’s leading HR platform for SMEs. It follows a strong…

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Mental health startup Spill raises €2.2 million to help companies emotionally support their employees over Slack

Spill, a British startup that provides remote mental health support for companies through the workplace messaging tool ‘Slack’, today announces that it has raised €2.2 million in a seed round led by Ada Ventures.  The rising demand for employee mental health support in 2020 drove rapid growth for Spill last year. After its founding in…

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Minneapolis-based venture-capital firm for founders of color aims to raise $50 million – Minneapolis Star Tribune

Minneapolis-based venture-capital firm for founders of color aims to raise $ 50 million  Minneapolis Star Tribune
“nigeria startups when:7d” – Google News

GitLab oversaw a $195 million secondary sale that values the company at $6 billion

GitLab has confirmed with TechCrunch that it oversaw a $ 195 million secondary sale that values the company at $ 6 billion. CNBC broke the story earlier today.

The company’s impressive valuation comes after its most recent 2019 Series E in which it raised $ 268 million on a 2.75 billion valuation, an increase of $ 3.25 billion in under 18 months. Company co-founder and CEO Sid Sijbrandij believes the increase is due to his company’s progress adding functionality to the platform.

“We believe the increase in valuation over the past year reflects the progress of our complete DevOps platform towards realizing a greater share of the growing, multi-billion dollar software development market,” he told TechCrunch.

While the startup has raised over $ 434 million, this round involved buying employee stock options, a move that allows the company’s workers to cash in some of their equity prior to going public. CNBC reported that the firms buying the stock included Alta Park, HMI Capital, OMERS Growth Equity, TCV and Verition.

The next logical step would appear to be IPO, something the company has never shied away from. In fact, it actually at one point included the proposed date of November 18, 2020 as a target IPO date on the company wiki. While they didn’t quite make that goal, Sijbrandij still sees the company going public at some point. He’s just not being so specific as in the past, suggesting that the company has plenty of runway left from the last funding round and can go public when the timing is right.

“We continue to believe that being a public company is an integral part of realizing our mission. As a public company, GitLab would benefit from enhanced brand awareness, access to capital, shareholder liquidity, autonomy and transparency,” he said.

He added, “That said, we want to maximize the outcome by selecting an opportune time. Our most recent capital raise was in 2019 and contributed to an already healthy balance sheet. A strong balance sheet and business model enables us to select a period that works best for realizing our long-term goals.”

GitLab has not only published IPO goals on its Wiki, but its entire company philosophy, goals and OKRs for everyone to see. Sijbrandij told TechCrunch’s Alex Wilhelm at a TechCrunch Disrupt panel in September that he believes that transparency helps attract and keep employees. It doesn’t hurt that the company was and remains a fully remote organization, even pre-COVID.

“We started [this level of] transparency to connect with the wider community around GitLab, but it turned out to be super beneficial for attracting great talent as well,” Sijbrandij told Wilhelm in September.

The company, which launched in 2014, offers a DevOps platform to help move applications through the programming lifecycle.

Update: The original headline of this story has been changed from ‘GitLab raises $ 195M in secondary funding on $ 6 billion valuation.’

 

Startups – TechCrunch

Corporate credit card platform Moss raises $25.5 million

German startup Moss has raised a $ 25.5 million (€21 million) funding round led by Valar Ventures. Existing investors Cherry Ventures and Global Founders Capital are also participating. Moss provides credit cards and a spending platform to small and medium businesses in Germany.

The company has developed its own risk engine to come up with a credit card limit for your company. Like Brex in the U.S., Moss promises higher credit card limits compared to credit cards offered by traditional financial institutions.

Again, Moss doesn’t offer prepaid or debit cards — it focuses on credit cards. You can spend within your limit and pay at the end of the month. You don’t need to top up your Moss account to start using it.

Credit cards work on the Mastercard network. Admins can issue a physical card for each employee or each team. You can also issue virtual cards for online payments and subscriptions. You can set different limits for each card.

From the administration panel, you can track expenses, search for specific expenses and see your ongoing subscriptions — it helps you identify duplicates. Users can attach receipts and information to each transaction for accounting purposes.

The company has issued 1,000 credit cards and has processes 10,000 transactions so far. Right now, its clients include startups and tech companies. But Moss expects to expand to other industries soon thanks to today’s funding round.

Moss competes with Spendesk, Revolut Business and others. These corporate card products focus on debit cards. Let’s see if offering credit cards turns out to be an important differentiating feature.

Startups – TechCrunch

Anti-Malarial Drugs Market Value to Worth Over US$ 1183.0 Million at 4.4% CAGR Growth Rate by 2027, – PharmiWeb.com

Anti-Malarial Drugs Market Value to Worth Over US$ 1183.0 Million at 4.4% CAGR Growth Rate by 2027,  PharmiWeb.com
“nigeria startups when:7d” – Google News

Madrid-based Meep lands €4 million to expand its mobility app to the US, Latin America and across Europe 

Madrid-based transport startup Meep has raised €4 million in a round led by Liil Ventures, which it aims to use to transform the MaaS (mobility as a service) landscape. Founded in 2017, Meep aims to improve the current congested and disconnected transport system, offering its users more personalized and efficient routes. How does it do…

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