Australia’s first neobank Volt Bank has raised $70m ($48.1m) in a Series C equity funding round from undisclosed investors.
The funding, which takes the company’s total equity raised to A$100m ($68.8m), brings Volt one step closer to its planned listing on the Australian Stock Exchange in late 2020, subject to market conditions.
Go deeper with GlobalData
The Series C funding will be used by Volt Bank to build digital infrastructure, appoint a global digital team, and develop its platform-based banking model.
Volt Bank said it will now prepare for a Series D investment round, targeting investors in the UK and Middle East. The move will allow the bank to meet regulatory capital demands and offer funding to introduce more products.
Volt Bank CEO Steve Weston said: “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.”
The Australian neobank secured full banking license in early 2019 after being granted the restricted status in May 2018. The bank currently employs about 160 people in its North Sydney office with plans to increase the headcount to more than 200 people over the next year.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataVolt, which has recently introduced its first deposit product, plans to roll out a full range of consumer deposit and loan products by the end of this year.
