UK paytech Volopa partners ClearBank to expand its SME banking services
London-based paytech Volopa has partnered with embedded banking platform ClearBank as it looks to grow its product range and expand the number of banking services it can offer to its business clients.
Volopa partners ClearBank
Volopa, which focuses on the small and medium-sized enterprise (SME) sector, offers an employee expense management and prepaid corporate card platform for businesses that also enables users to make international payments from the UK to 180 countries globally.
The new partnership with ClearBank forms part of the company’s application for a UK e-money institution (EMI) licence, which it expects will be granted later this year by the Financial Conduct Authority (FCA).
Once Volopa secures the EMI and completes the full integration of ClearBank’s technology platform, it states that its customers will gain access to UK payment rails, allowing users to send funds to businesses, individuals, or other financial entities. Additionally, the firm says that customers will also be able to open virtual accounts and safeguarded bank accounts.
Speaking on the announcement, Ali Albajati, Volopa’s head of product, says: “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.”
The recent collaboration with ClearBank further expands Volopa’s portfolio of partnerships. Earlier this year, the fintech announced a strategic alliance with UK-based open banking API provider Yapily.
