India, June 2022: Volopay, a Y Combinator-backed corporate cards, and payable management company has partnered with the State Bank of Mauritius (SBM) to provide corporate credit cards to businesses in India. These cards will be easy to use and compliant with all local laws and standards, making them versatile and usable across the globe, both online and offline.
In the partnership, SBM will provide the issuance of licensed Visa and Rupay credit cards and Volopay will act as the originator, distributor, and servicing agent of the Bank. This allows Volopay to offer ready-made card capabilities in the ever-growing commercial card market in India. This card will be very much like other co-branded cards, with other control options and user settings reflected in the Volopay interface and platform.
Commenting on the development, Mr. Rohit Bhageria, Founding Member, Volopay, said, “It is a natural partnership as we see it is a marriage of one of the best fintech friendly banks in India and one of the fastest-growing financial management platforms of Asia-pacific. We are hopeful that this partnership may fundamentally alter the ever-growing landscape of B2B platform businesses and significantly help the growing and modern businesses in properly managing their receivables and payables in India.”
The partnership is mutually beneficial for Volopay as well as the Bank. While SBM lends its card-issuing capabilities to Volopay, the latter helps the bank in expanding its market pool in India by providing access to funded start-up companies, scale-up businesses, and midsize enterprise-grade clients.
Globally, Volopay is already offering similar programs of card issuing with leading organizations including NIUM Pte Ltd in Singapore; Airwallex & ANZ bank financial stack in Australia among others.
Recently, Volopay also partnered with Visa for their Fintech Fast Track Program to offer financial management solutions in APAC. Volopay is the all-in-one, unified, receivable and payable platform to streamline and automate the financial management of accounting and finance teams. The platform provides various products and propositions including invoice management, accounting automation, integrations, and corporate cards among others.