Australian Neobank Volt Makes Seamless Move From Series C to Series D Ahead of Planned IPO

Australian Neobank Volt Makes Seamless Move From Series C to Series D Ahead of Planned IPO
20.01.2020 11:59 am

Australian Neobank Volt Makes Seamless Move From Series C to Series D Ahead of Planned IPO

FinTech StartUps

With its sights set on an IPO later this year, Australian neobank Volt has closed a $70m Series C round and is now opening up a $50m Series D on a $285m valuation.

The latest round lifts Volt’s total funding to $100 million in equity, and brings the challenger a step closer to a planned listing on the Australian Stock Exchange in late 2020.

The neobanking startup, which recently launched its first deposit product, says the move to an immediate Series D is to meet regulatory capital demands and provide funding for the rollout of additional products.

Steve Weston, CEO & co-founder of Volt Bank, says: "Our first deposit product clearly differentiates Volt from incumbent banks. It is an account that helps customers save and provides a very competitive interest rate without the limited time bonus period restrictions or the need to meet other bonus conditions like most savings accounts in Australia.

"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."

Related News

31 Companies Join Tech Nation’s Fintech Cohort 3.0 Programme

Tech Nation, the growth platform for tech companies and leaders, announces the 31 tech companies that have been selected to join the Fintech Cohort 3.0, in... Read more »

Wolters Kluwer Lien Solutions Triumphs With Four International Business Awards

Wolters Kluwer Lien Solutions has won four 2020 International Business Awards (IBA),... Read more »

Getsafe Wins Fintech Germany Award 2020

Providing comprehensive insurance cover via smartphones: That’s the business idea behind Heidelberg-based digital insurer Getsafe. Last night, the company... Read more »

Reshaping the Financial Sector of the Middle East with Finnovex Middle East 2020

Advanced technology and innovation have forever disrupted business operations of the past. With changing trends and customer expectation, product offerings, service and... Read more »

The FinTech50 2020 – This Year’s 50 European Fintech Companies ‘to Watch’

The FinTech50, the first list in the world to recognise innovative European Fintechs, has... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel