Volopay has partnered with Visa in Fintech Fast Track Program in Australia

Volopay, corporate cards and payable management fintech firm backed by Y-Combinator, today announced it has signed a partnership with Visa to be part of Visa’s Fintech Fast Track Program which will significantly expand Volopay’s offering of financial management solutions in the Australian market.

Visa’s Fintech Fast Track Program enables Volopay to issue Visa cards to its customers in Australia, making it the only fintech company in the country with the ability to do this and this offering a one-of-a-kind for Australian businesses.

“The Visa Fintech Fast Track Program gives us an edge that we haven’t had before,” shares Rajith Shaji (CEO and Co-founder, Volopay),. “The ability to issue our own cards sets us apart from other fintech providers who are merely distributing cards. We have complete control over the products we offer to our clients. We are also able to create a well-rounded financial stack with enhanced offerings to our Australian clients.”

“Australia represents a huge market opportunity for Volopay, with over three million registered businesses across the country. As businesses look to improve their financial processes to gain better efficiencies and productivity, Volopay is well-positioned to assist businesses on this front,” Rajith added.

Volopay Australia counts local companies like Cluey Learning, Cluey Learning, and m-View as customers. Volopay’s products offer businesses the unique benefits of a single dashboard bringing together approvals, vendor payments, corporate cards, and automated expense management. Volopay offers a line for business credit to businesses that require smarter spending to grow. Volopay’s platform is suitable for a five-person business, as it is for a 500-person company.

Volopay can now pivot from being a distributor of cards to becoming an issuer. This partnership allows Volopay expand its product offering to customers. Volopay has upgraded features, including a custom integration for Xero/MYOB users, and cost-effective usage models. All of these are designed to assist Australian businesses in operating digitally, accelerating their growth, and better managing their finances.

Leadership team strengthened by key hires

Volopay has appointed Nirvikar Jain, a Global Business Officer, to strengthen its leadership team. Jain has a MS (Sloan fellow), from Stanford GSB, and is currently coauthoring a MIT Press book on fintech led disruption. His previous roles include CEO of First Abu Dhabi Bank (India), Citibank and Bank of America. He also has experience in advisory and key executive roles in tech startups. As Volopay’s Global Business Officer, he will play a key role in strategising Volopay’s scalability and expansion framework in Australia through exciting partnership opportunities and fresh industry perspectives.

“I am excited by the opportunity to work with the Volopay team and expand our partners in Australia,” Jain. “There is plenty of scope for what can be done with Volopay and we will continue building adjacent offerings and customizations that solve multiple problems for finance departments in Australia and the rest of the world. Volopay’s entire team is ambitious and talented. They are ready to take it global. This is just the beginning of a very exciting journey for all of us.”

Volopay raised US$29 Million in its Series A round. Participants included JAM Fund and Winklevoss Capital Management. Rapyd Ventures and Accial Capital. Jeffrey Cruttenden is a fintech veteran and angel investor. VentureSouq, Access Ventures and Antler Global also participated.

Volopay will be able to grow its team and expand its business operations in Australia with the funding. The raised capital will go towards Volopay’s upcoming market launches, building and innovating new technologies to complement its existing product as well as enhancing integrations with leading enterprise software and project management applications.

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