With an emphasis on small and medium-sized enterprises (SME), Volopa provides prepaid corporate cards and employee cost management to businesses. It also allows users to send money internationally from the UK to 180 countries worldwide.

The company's application for a UK e-money institution (EMI) license, which it anticipates the Financial Conduct Authority (FCA) to approve later this year, includes the new relationship with ClearBank.

According to Volopa, its consumers will have access to UK payment rails if EMI is secured and ClearBank's technological platform is fully integrated. This would let users to transmit money to other financial institutions, individuals, or businesses. Customers will also be able to open secure bank accounts and virtual accounts, according to the company.

"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," says Ali Albajati, head of product at Volopa, in response to the announcement.

Volopa's portfolio of partnerships is further expanded by the new collaboration with ClearBank. Yapily, a UK-based developer of open banking APIs, and the fintech established a strategic agreement earlier this year.