UK fintech sector gets a boost with Volt’s $60m Series B round led by Silicon Valley investor IVP
Volt is planning a rapid expansion outside its current domains of the UK, Europe and Brazil, to APAC and the US.
Volt, a payments infrastructure fintech, has raised a $60m Series B round, bucking a muted period for later-stage fintech funding.
The round was led by Silicon Valley investor Institutional Venture Partners (IVP), a backer of the likes of Coinbase, Klarna, Brex and Robinhood among many others.
Commerz Ventures is also participating in this Series B round along with existing investors including EQT Ventures, Augmentum Fintech and Fuel Ventures.
Volt, founded in 2019, focuses on real-time account-to-account (A2A) payments infrastructure, helping merchants and PSPs to process transactions between accounts held at more than 5,000 banks in the UK, the EU and Brazil.
It will use the new cash for product development including the launch of cash management as well as to expand globally. It has APAC in its sights with a launch into the Australian market planned for later in 2023, as well as North America.
“Testament to our progress and our vision for real-time payments everywhere, we’re thrilled to be working with our new partners at IVP, joining their portfolio of leading global brands. We’re staying focused, and humble, as we embark on this next chapter,” said Tom Greenwood, CEO of Volt.
Angela Zhu, Partner at IVP, adds: “As over 70 countries, including the US, transition to RTP systems, merchants are experiencing the immense benefits of instant, secure, and cost-effective A2A payments. With the value of A2A payments in e-commerce transactions set to reach $757 billion by 2026, Volt is well positioned to redefine the future of payments on a global scale.”