Volt Bank
| File:VoltBank Teal.png | |
| Company type | Unlisted public company |
|---|---|
| Volt Bank | |
| Industry | Banking, Financial services |
| Founded | 2017 |
| Defunct | 2022 |
| Headquarters | Sydney, Australia |
Area served | Worldwide |
Key people | Steve Weston (CEO) |
Number of employees | 100[1] |
| Website | |
Volt Bank was an Australian consumer neobank, the first such bank to be issued with a restricted ADI licence by APRA.[2][3] In June 2022, the bank announced it would permanently close its deposit-taking business and voluntarily return its banking licence, citing funding issues.[4]
Headquartered in Sydney, Australia, the bank was founded in 2017 and was granted a full licence to operate as an authorised deposit-taking institution (ADI) on 21 January 2019. Volt used BSB 517000.[5][6][7]
Business
[edit | edit source]Volt's banking platform is located in the cloud using the Temenos T24 core banking, Financial Crime Mitigation and Analytics, Salesforce and Microsoft Azure.[8][9]
Volt Bank also has industry partnerships with PayPal, Cotton On and Collection House.[10][11][12]
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 was planning to begin serving small businesses in 2020.[13]
History
[edit | edit source]The banking regulator, APRA, created the restricted ADI (RADI)[14] licensing framework to encourage new entrants and competition to the existing banking system.[15]
Volt Bank was issued with a RADI licence on 7 May 2018, the first organisation to obtain one under the new licensing framework.[16][17] 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.[18][19][20]
On 29 June 2022, in an email to its customer base, Volt announced their intention to cease their deposit-taking business and return their banking licence, the second neo bank to do so, following Xinja. Accounts held with Volt will be closed on 5 July 2022.[4]
See also
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References
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External links
[edit | edit source]- Volt Bank
- APRA Archived 15 May 2018 at the Wayback Machine
- APRA - Authorised Deposit-Taking Institution Archived 18 July 2011 at the Wayback Machine