Volt was the first Australian neobank to receive an unrestricted banking license (ADI) back in 2019. It has now working out of its North Sydney-based office, and is expecting to grow to over 200 staff over the next twelve months.
It has recently announced its ‘no catches’ 2.15 per cent per annum variable interest rate on the Volt Save account , already launched to a selection of public waitlist, this will be available to broader public after beta testing. This is in trend with other neobanks offering same kind of saving accounts as Xinja Stash Account or Revolut Business Account.
This week, Australia’s first neobank Volt Bank, closed a $70m Series C equity funding round, which was oversubscribed by $10m beyond the original target of $60m.
This round lifts Volt’s total funding to $100 million in equity, and brings it a step closer to a planned listing on the Australian Stock Exchange in late 2020, subject to market conditions.
Due in large part to the regulatory capital demands of a bank, Volt is kicking off a Series D equity funding round. The focus of this round will be on investors in the UK and the Middle East, to add to existing interest from Australia, Hong Kong, and Singapore.
Capital raised to date has been deployed in building digital infrastructure, recruiting a team of global digital, data and banking experts, and developing Volt’s innovative platform-based banking model.
They aim to have a full range of consumer deposit and loan products in the market by the end of 2020, before entering the small and medium enterprise (SME) space in 2021.