Volt raises $23.5m to build global instant payments network
Open payments gateway Volt has raised $23.5 million in a Series A round to fund its planned expansion into new territories.
The investment round is the largest Series A on record for the open banking industry.
It was led by EQT Ventures with participation from existing investors Augmentum Fintech PLC and Fuel Ventures as well as several angel investors.
Founded in 2019, the UK-based fintech currently facilitates open banking payments across its network of 5,000 banks in the UK and EU.
Tom Greenwood, CEO of Volt, says: “Instant payments are set to dominate the global payments landscape and will become the new normal.
“It’s an exciting time to be in payments, and we are delighted to have secured such a significant funding round, and the backing of an influential group of investors.”
The funding round follows the recent release of its payment management solution Volt Connect.
The new tech is designed to give merchants full visibility of multi-currency PSD2 payments from the point of initiation to the moment of arrival in their accounts.
Tom Mendoza, partner at EQT Ventures, adds: “The pandemic has created an inflection point in the payments sector; faced with unprecedented online demand, merchants and PSPs are re-assessing the technical infrastructure that underpins their business.
“Volt’s team of payments experts are creating meaningful change and building a new category in instant payments, forging the path by bringing new real-time networks to a single switch.”