Wallex partners with Volopay
To break the traditional payments space which is dominated by banks and commercial payments, fintechs are continuing to partner with non-bank payment companies in order to squeeze into this commercial space. This week, Singapore based payments company Wallex has partnered with Volopay to launch an integrated platform for Singapore based SMEs.
With the launch of this platform, businesses can combine business expense management with international FX payments. In June this year, Railsbank collaborated with Statrys to provide business accounts and forex solutions for Asian SMEs.
“This strategic partnership will generate tangible benefits for Singaporean SMEs involved in cross-border trade”, said Jody Ong, CEO of Wallex. “Not only will it give them greater visibility into and control over every aspect of their business spending, it will also enable them to leverage the best FX rates for their cross-border payments and transfers.”
Volopay is a spend management platform which is backed by Y Combinator. This gives businesses greater control over their expenses and business activity. With Volopay, finance and accounting teams can make bill payments, control expense requests and approval.
In the last quarter, Wallex secured its Series A funding led by BAce Capital, SMDV and Skystar Capital, although the funding amount was undisclosed. Wallex is a B2B payments platform that can make international payments in over 40 currencies across 180 countries.