Vopy Secures Verbal Order from Major Pakistani Digital Bank

Vopy, a portfolio entity of the Swedish investment firm Front Ventures, has received a verbal commitment from a prominent digital banking institution in Pakistan to deliver a freelance payment solution.

According to a statement released by Vopy on Monday, the prospective client, whom Vopy’s management engaged with during a visit to Pakistan, aims to initiate the service deployment as swiftly as possible.

The firm detailed that its freelance payment platform is designed to facilitate transactions to freelance consultants, primarily within the IT sector in Pakistan, who are contracted by companies situated in Europe and the United Kingdom.

Sven Hattenhauer, CEO of Vopy AB, stated, “Our Pakistani customer is eager to launch this service promptly.”

He further added, “They have sought exclusive rights to the service, a request we have accommodated, leading to enhanced remuneration for our company. Our client has been presented with a cooperation agreement concerning freelance payments, which we anticipate will be signed shortly, enabling us to commence the service without any undue delay.”

Hattenhauer expressed his enthusiasm, stating, “We are delighted and honored to embark on this collaborative venture, and we anticipate delivering an engaging service to a new demographic, characterized by higher profit margins compared to our existing offerings.”

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The press release indicated that the overall transaction volume for freelance payments directed to Pakistan is approximately $4 billion annually.

Vopy highlighted that its Pakistani client already possesses a broad suite of services for freelance consultants and is experiencing rapid growth but lacks the capability to offer expeditious and cost-effective invoice payments.

“Vopy’s solution enables each freelance consultant in Pakistan to receive a personalized European virtual IBAN account, facilitating effortless payment receipts.

“Through this arrangement, the European sender circumvents the complexities of direct money transfers to Pakistan. Instead, payments can be made to the European IBAN account provided by Vopy, streamlining the process for the sender and expediting the delivery of funds to the freelance consultant.”

The statement elaborated that freelancers receive their payments in their local Pakistani accounts within moments of the funds being credited to the virtual IBAN account.

“The transfer cost incurred by the freelance consultant is notably lower than alternative options. Consequently, the freelance consultant enhances their competitiveness by offering clients a highly convenient payment method,” the company concluded.