+188%

est. 2Y upside i

FinTechSeries A

Brex for South East Asia - Corporate cards & automated payments.

Rank

#96

Sector

Fintech

Est. Liquidity

~3Y

Data Quality

Data: Low

Volopay shows exceptional growth (261% YoY) with $77.3M ARR.

Last updated: July 19, 2026

Bull (25%)+380%

Exit multiple holds at 10x due to IPO window and category leadership. Projected revenue $565M yields $5.65B exit value, capped at +400% upside per Series A stage rule, net 20% dilution.

Base (50%)+173%

Multiple converges to public comp average of 4x forward revenue. Exit value $2.26B, upside 193% less 20% dilution yields 173%.

Bear (25%)+26%

Multiple compresses to 2x due to competitive pressure and slowing growth. Exit value $1.13B, upside 46% less 20% dilution yields 26%; preference stack minimal at $33.5M.

Est. time to liquidity~3.0 years

Preference Stack Risk

low

Funding Intensity

430%

Total preferred $33.5M vs estimated valuation $773M, low overhang.

Dilution Risk

high

Given no raise in 4 years, a new round is likely, causing ~20% dilution.

Secondary Liquidity

none

No secondary market data; common stock likely illiquid.

Questions to Ask at the Interview

Strategic questions based on Volopay's data — designed to show you've done your homework.

  • 1

    “How does Volopay differentiate from Brex and Ramp in the Asia-Pacific market?”

  • 2

    “What is the path to profitability given the high growth spend?”

  • 3

    “How does the employee equity stack rank relative to the $33.5M preferred?”

Community

Valuation Sentiment

Our model estimates +188% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.