Fintech Startup Vopay Sees Accelerated Growth in US and UK Markets VoPay, an embedded financial service platform located in Vancouver, has partnered with Cross River Bank in New Jersey and is preparing to expand into Europe.
VoPay claims that its collaboration with Cross River Bank, a provider of technology infrastructure and embedded financial solutions, this week will expedite its US expansion and grant it access to the US payment network infrastructure and banking system.
The FinTech business has been approved into the Canadian Technology Accelerators (CTA) program’s United Kingdom FinTech branch and intends to use London, United Kingdom (UK) as the hub of its European expansion.
VoPay and the other six participants in the CTA program will receive briefings on how to join the UK market, access to possible investments, and specialized mentoring from regional industry professionals.
VoPay CEO Hamed Arbabi stated in a statement, “Our journey through the US and now into Europe, starting with the UK, reflects our dedication to innovation, inclusion, and the transformative power of embedded financial services.” “The CTA program is a vital step, but it’s just the beginning of our European adventure.”
VoPay, which Arbabi launched in 2014, bills itself as a FinTech platform that enables businesses to incorporate payment and financial services into already-existing goods, services, and applications. It enables Visa’s direct money transfer service, Interac e-Transfer for businesses, and electronic funds transfers through its API connection.
VoPay claims that working with Cross River will provide it access to new networks and payment rails as it grows into the US and that Cross River’s knowledge of US financial regulations would help VoPay make sure it is adhering to various security and compliance standards.
“In today’s fast-paced financial landscape, Cross River’s deep regulatory expertise and advanced technological framework are invaluable as we strive to meet our customers’ evolving needs,” Arbabi stated.
VoPay highlights that the UK’s open banking policies and other advantageous regulatory environment make it a desirable place to launch its European development aspirations.
Although New York or Paris have long since supplanted London as the hub for FinTech businesses, Francesca Carlesi, the CEO of Revolut, one of the biggest FinTech startups in the UK, recently expressed concerns over London’s potential loss of this distinction. Carlesi has been advocating for the UK government to implement rules that are favorable to startups while the company is awaiting approval for a banking license.
Nonetheless, the CTA reports that over 3,200 FinTech businesses have their headquarters in the UK, and that last year, private equity and venture capital investments in UK FinTech companies totaled over $23.5 billion. According to CTA, FinTech companies make up one-third of all unicorns in the UK—a larger percentage than in any other financial center.
Arbabi said in a statement,“London’s vibrant FinTech community and forward-thinking environment are exactly what we need to propel our expansion in Europe,”
