Priya Patel
TLDR:
Key Points:
- Volopa partners with ClearBank to expand SME banking services.
- Volopa focuses on the SME sector and offers employee expense management and prepaid corporate card platform for businesses.
Article Summary:
London-based paytech Volopa has announced a partnership with embedded banking platform ClearBank to enhance its product range and expand the banking services offered to its business clients, specifically in the small and medium-sized enterprise (SME) sector. Volopa’s current offerings include employee expense management and prepaid corporate card platforms, allowing users to make international payments from the UK to 180 countries globally. The collaboration with ClearBank is part of Volopa’s application for a UK e-money institution (EMI) licence, which is expected to be granted later this year by the Financial Conduct Authority (FCA).
Once the EMI is secured and integration with ClearBank’s technology platform is completed, Volopa customers will gain access to UK payment rails, enabling them to send funds to businesses, individuals, or other financial entities. Additionally, customers will have the option to open virtual accounts and safeguarded bank accounts, further enhancing the services offered by Volopa.
Ali Albajati, Volopa’s head of product, expressed excitement about the partnership with ClearBank, highlighting the increased range of products and services that will be available to clients. This collaboration with ClearBank is just one of many strategic partnerships Volopa has established, including a recent alliance with open banking API provider Yapily.
Overall, the partnership between Volopa and ClearBank signifies a significant step towards enhancing SME banking services and expanding the range of financial solutions available to businesses in the UK and globally.
