Volt Bank is a consumer neobank, and was the first such bank to be issued with a restricted ADI licence by APRA.
Volt Bank are digital, independent, and their first step, saving, gives you a rate that makes you look twice at your regular bank.
Volt Bank was founded in 2017 by Steve Weston and Luke Bunbury. The company is headquartered in North Sydney, New South Wales, Australia.
Volt’s banking platform is located in the cloud using the Temenos T24 core banking, Financial Crime Mitigation and Analytics, Salesforce and Microsoft Azure.
Volt Bank also has industry partnerships with PayPal and Collection House. The bank publishes a mobile app, Volt Labs App, through which customers hold discussions and give feedback on the bank's products and services. The bank is planning to begin serving small businesses in 2020.
Volt Bank was issued with a RADI licence on 7 May 2018, the first organisation to obtain one under the new licensing framework. In doing so, it became the first completely new institution to be licensed as retail bank in the Australian market since Australian Bank in February 1981.
Volt Bank is backed by Collection House Group and other undisclosed investors. The company raised $48M in a Series C financing on Jan 18, 2020. This new round brings Volt's total funding to $100M to date.