Volopa is teaming up with ClearBank, the enabler of real-time clearing and embedded banking for financial institutions. The deal will allow Volopa to expand the services it can offer its growing portfolio of SME clients. ClearBank, a technology-enabled clearing bank enables partners, like Volopa, to offer real-time payment and innovative banking services to their customers.

Volopa currently brings together three products into one offering. Specifically, global payments from the UK to 180 countries worldwide, multicurrency prepaid company cards, and simplified employee expense management. Volopa empowers CFOs, FDs and Treasurers to save time and money. And it helps optimise company performance, through one single platform. Volopa is easy to integrate and works effectively as a single layer across a client’s existing banking and fintech partners. The Volopa platform also fully integrates with QuickBooks and Xero, reducing friction and increasing efficiency.

The partnership is part of Volopa’s application for an e-money licence. This is expected to be granted later this year by the Financial Conduct Authority. After the e-money licence is secured and ClearBank’s technology platform is fully integrated, Volopa’s customers will be able to access UK payment rails allowing them to transfer funds to individuals, businesses, or other financial institutions.

Furthermore, they will be able to open safeguarded bank accounts and virtual accounts. Volopa can also offer its growing client base multicurrency, cross-border payments and FX solutions.

Volopa: part of Quantum Group – plans listing in next 12-18 months

Earlier this year, Volopa partnered with Yapily, a leading Open Banking API provider, to deliver a seamless payment experience for finance teams.

Part of Quantum Group, the fintech and security incubator, Volopa has the financial backing to grow its offering. Quantum has indicated it plans to list on the London Stock Exchange in the next 12-18 months.

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Ali Albajati Head of Product at Volopa, said: “Our partnership with ClearBank will be a game changer in terms of the products and services we can offer our clients. We aim to create innovative and bespoke solutions that directly meet the real-world needs of our SME clients. 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.”

John Salter, Chief Customer Officer at ClearBank, added: “We are delighted to be partnering with Volopa, enabling them to further expand their services to clients. Our cutting-edge technology will empower them to provide seamless access to UK payment rails, along with accounts and virtual account solutions. This collaboration not only bolsters Volopa’s current banking services. It also paves the way for future product expansions. We look forward to further deepening our relationship as Volopa continues to grow its client offering.”