Australian digital bank Volt sets sights on IPO following $70m Series C

Australia's first digital Volt has closed a $70m (£37m) Series C equity funding round to fund its expansion as it heads towards a 2020 Sydney stock market listing.

The round, which was oversubscribed by $10m beyond the original target of $60m, lifts Volt’s total funding to $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. 

AltFi understands that Volt’s CEO and co-founder Steve Weston is in London this week to kick off the fundraise.

The Series D funding round will boost Volt’s regulatory capital reserve and provide funding for the rollout of additional products. 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,” said  Weston.

"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," Weston added.