Australian neobank Volt bags $48m in series C funding

via Tech in Asia

Australia-based Volt Bank has raised A$70 million (US$48.1 million) in an oversubscribed series C equity funding round from undisclosed investors.

The fundraise, which brings the company’s total equity raised to A$100 million (US$68.8 million), brings Volt a step closer to its planned listing on the Australian Stock Exchange late this year, according to a statement.

Founded in 2017, Vault was the first Australian neobank to receive an unrestricted banking license early last year. It recently launched its first deposit product and looks to offer a full range of consumer deposit and loan products by the end of 2020 before entering the small and medium-sized enterprise (SME) space the following year.

The company said the capital it’s raised to date has been deployed in building digital infrastructure, further developing its platform-based banking model, and hiring global digital, data, and banking experts.

Volt also said it is kicking off a series D equity funding round focused on investors in the UK and the Middle East to add to existing interest from Australia, Hong Kong, and Singapore.

“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,” said Volt CEO and co-founder Steve Weston.

The chief exec also noted that the series D round is set to boost Volt’s regulatory capital reserve and help fund the rollout of its new products.