Australian neo bank Volt said to close $48m in its Series C

Australian neobank Volt Bank has reportedly secured $48m in its Series C round as it sets its sights on listing on the Australian Securities Exchange later this year.

The bank, which is currently in its beta rollout, is using the capital to build its infrastructure, deepen its banking model and hire digital, data and banking experts, according to reports in the media.

Having only just closed this round, the bank is allegedly starting its Series D fundraise and is looking towards investors in the UK and Middle East to join its existing investor base which spans Australia, Hong Kong and Singapore.

Volt offers an interest rate of 2.15% on accounts up to 245,000 and aims to boost savings by establishing goals and offering tips.

Late last year, the bank began onboarding the 40,000 people on its waitlist so they can begin accessing some of the Volt’s services.

There has been an influx of digital banks set up in Australia over the past year. Last year, 86 400 received its Australian banking license, while Xinja launched its services.

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