Fintech Volopay partners with Visa in Fintech Fast Track Program in Australia, adds industry veteran to leadership team
Volopay, a 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 of Volopay. “The ability to issue our own cards sets us apart from other fintech providers who are merely distributing cards. This way, we have full control over the product we provide 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,” added Rajith.
In Australia, Volopay counts homegrown companies such as employee management platform Deputy, edtech firm Cluey Learning and mobile video solution company 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 also provides a line of business credit to companies that need smarter spending resources in order to scale. Volopay’s platform is suitable for a five-person business, as it is for a 500-person company.
The partnership with Visa allows Volopay to pivot from being a card distributor to an issuer and enables the company to expand its product offerings to customers. Upgraded features of the Volopay platform include a custom integration to support Xero and MYOB users and more cost-effective usage models, all aimed at helping Australian businesses operate digitally, better manage their financial processes and accelerate their growth.
Key hires to reinforce leadership team
Volopay is further strengthening its leadership team in the country with the addition of Nirvikar Jain as Global Business Officer. Jain holds a MS (Sloan fellow) from Stanford GSB and is currently co-authoring a MIT press book on fintech-led disruption. He previously worked at Citibank, First Abu Dhabi Bank (India CEO), Bank of America, as well as in key executive roles with tech startups, and in fintech advisory. 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,” said 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. The entire Volopay team is talented, ambitious, and geared up to scale it up globally. This is just the beginning of a very exciting journey for all of us.”
Volopay recently raised US$29 million in its Series A round which included participation from JAM Fund, Winklevoss Capital Management, Rapyd Ventures, Accial Capital, fintech veteran and angel investor and Acorns founder Jeffrey Cruttenden, along with Access Ventures, Antler Global, and VentureSouq.
The funding will allow Volopay to expand its current team and business operations in Australia. 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.