Volt Becomes Second Australian Neobank to Shutdown

Australian neobank Volt announced that it will be shutting down its deposit-taking business, return all deposits to its customers and turn in its banking license.

The neobank has advised its account holders to transfer any balances in their Volt accounts to another financial institution before the 5th of July 2022.

According to the report by Australian Financial Review (AFR), Volt holds about A$106 million in deposits from 6000 customers.

Read more: Fintech News Singapore