Australian neobank Volt raises $70m in Series C, aims IPO later this year

Volt Bank CEO Steve Weston

Australian neobank Volt Bank Limited (Volt) has raised $70 million in a Series C funding round, according to an announcement.

The round, that takes the total funding of Volt to $100 million in equity, has been oversubscribed by $10 million as its original target set for Series C was $60 million.

According to the Australia Financial Review, it is understood that that the company raised its funding from as many as 176 investors, of which 47 are its existing backers.

The corpus will be used by Volt to build its digital infrastructure, hire a global digital team, besides ramping up its number of data and banking experts. The company also plans to use a part of the funding to develop its ‘innovative platform-based banking model’.

The company said the new investment will bring Volt, which is Australia’s newest neobank, one step closer to a planned listing on the Australian Stock Exchange in late 2020.

Volt also aims to kick off its Series D equity funding round due to the regulatory capital demands of a bank. For the upcoming Series D round, Volt will scout for investors in the UK and the Middle East, besides talking to existing investors in 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,” Volt Bank CEO Steve Weston said.

The company claims to have a headcount of about 160 people in its North Sydney office. Going forward, it plans to grow the number to over 200 people over the next twelve months.

Volt, which is the first neobank to receive a full banking license in 2019, has recently launched its first deposit product and it aims to have a full range of consumer deposit and loan products in the market by the end of 2020. It plans to tap small and medium enterprises (SME) in 2021.

Neobank refers to a fully digital bank that taps customers online. It operates through an online platform or a mobile app.

Apart from Volt, there are other neobanks operating in Australia, such as 86 400 and Xinja – both listed entities in the region.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.