Volopa, the innovative provider of transaction, payment, and expense management solutions, has entered into a strategic partnership with ClearBank, a trailblazer in real-time clearing and embedded banking for financial institutions.
The primary goal of this partnership is to bolster Volopa’s current banking capabilities, paving the way for the introduction of superior banking services and an expansion of its product offerings in the foreseeable future.
Volopa’s current suite amalgamates three core products into a singular, cohesive offering: worldwide payments from the UK to 180 countries, multicurrency prepaid company cards, and streamlined employee expense management. This consolidation empowers CFOs, FDs, and Treasurers to optimise company performance through time and cost savings, facilitated by a single platform that seamlessly integrates with existing banking and FinTech partnerships. Furthermore, the Volopa platform offers compatibility with accounting software like QuickBooks and Xero, enhancing operational efficiency and reducing integration friction.
Integral to Volopa’s strategy, this partnership is a crucial step in securing an e-money licence from the Financial Conduct Authority (FCA), anticipated later this year. Upon securing the licence and integrating ClearBank’s technology platform, Volopa will enable its customers access to UK payment rails, facilitating transfers to individuals, businesses, or other financial institutions. Additionally, customers will benefit from the ability to open safeguarded and virtual bank accounts, alongside availing multicurrency, cross-border payment, and FX solutions.
This collaboration follows a series of strategic moves by Volopa, including the addition of a 9-strong elite team from American Express and a partnership with Yapily, an Open Banking API provider. Backed by Quantum Group, a FinTech and security incubator, Volopa is poised for further growth and plans to list on the London Stock Exchange within the next 12-18 months.
Volopa Head of Product Ali Albajati said, “Our partnership with ClearBank will be a game changer in terms of the products and services we can offer our clients. At Volopa, we aim to create innovative and bespoke solutions that directly meet the real world needs of our SME clients. We respond quickly to user feedback, to deliver a constantly evolving, platform based, group of products and services, supported by exceptional levels of customer service.
“Our clients like what we provide and tell us they want to do more with us, especially as global economic and supply chain challenges accelerate the need for digital solutions in UK businesses. The range of products and services that the partnership with ClearBank will enable us to provide will mean we can deepen and grow our relationships with our clients, as well as attract new ones.”
ClearBank Chief Customer Officer John Salter said,
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