Australian digital bank Volt aims for IPO after USD 70 mln Series C

Monday 20 January 2020 14:06 CET | News

Australia-based digital Volt has closed a GBP 37m Series C equity funding round to fuel its expansion, heading towards a 2020 Sydney stock market listing.

The round, which was oversubscribed by USD 10 mln beyond the original target of USD 60 mln, lifts Volt’s total funding to USD 100 million in equity. Owing to regulatory capital demands on a bank, Volt says it is kicking off a Series D equity funding round straightaway. The focus of this round will be on investors in the UK and the Middle East, to add to existing interest from Australia, Hong Kong, and Singapore.

According to AltFi, the Series D funding round will boost Volt’s regulatory capital reserve and provide funding for the rollout of additional products. The bank’s first deposit product differentiates Volt from incumbent banks, as it is an account that helps customers save and provides competitive interest rate without the limited time bonus period restrictions or the need to meet other bonus conditions like most savings accounts in Australia.

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Keywords: Volt, Volt Bank, Australia, digital bank, funding round, online banking, digital banking, deposit solution, equity funding, stock exchange listing
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Australia
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Banking & Fintech