Australia’s first neobank to receive an unrestricted banking license yesterday announced it has reached another substantial milestone.
Volt Bank just closed a $70m Series C equity funding round, which was oversubscribed by $10m beyond the original target, bringing its total funding to $100m in equity.
The funds will help the challenger bank execute its big plans for 2020, such as listing on the ASX later this year, subject to market conditions.
Further, Volt aims to have “a full range of consumer deposit and loan products” in the market before end of year, with plans to enter the SME space in 2021.
Moving forward, Volt will focus its Series D equity funding round on investors in the UK and the Middle East, to add to existing interest from Australia, Hong Kong, and Singapore.
“The high levels of interest we are receiving from potential banking partners validates our platform-based business model, and the neobanking sector as a whole,” said Steve Weston, Volt CEO & co-founder.
"The Series D funding round will boost Volt’s regulatory capital reserve and provide funding for the rollout of additional products.
"Key to our ultimate global scale is the development of our platform strategy. We are now raising more capital to invest in the development, integration and onboarding of partners that will open up new customer bases with both Volt-branded and white-labeled banking products.”
Since receiving its full banking license in early 2019, Volt has grown to a staff of 160 based out of North Sydney, and is expecting its team to further swell more than 200 over the next year.
Also in 2019, the neobank was awarded the third spot on LinkedIn’s second annual Top Startups list, which ranks the 25 “hottest companies” that are growing quickly and disrupting their respective industries within Australia.
Volt recently launched its ‘no catches’ savings account with a 2.15% per annum variable interest rate to a selection of its public waitlist last month, and will launch to the broader public after beta testing.