Australia's Volt shuts down

Its collapse is a further blow to a business model that the Australian government and regulators promoted heavily after a 2018 inquiry into misconduct in the finance industry led to a loosening of rules for new banking entrants.

Rising inflation and interest rates this year have made it harder for online-only banks, called neobanks in Australia, to compete with established lenders, making fundraising much more difficult.

The company had AUD 113 million (USD 78 million) in deposits and AUD 80 million of home loans as of April 2022, a tiny fraction of the AUD 3 trillion mortgage market. The company said no customer would be left out of pocket.
the paypers logo

The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.

 

The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.

 



No part of this site can be reproduced without explicit permission of The Paypers (v2.7).

Privacy Policy / Cookie Statement

Copyright