Steve Weston

Neobank Volt is shutting down after failing to find fresh capital

Startup Daily reports neobank Volt is winding up, returning deposits and selling its mortgage book after a failed capital raise, recapping earlier raises by Judo Bank and Alex plus past neobank failures and acquisitions.

Volt urges customers to empty their deposit accounts as the neobank pioneer exits the banking sector

Volt, Australia's first licensed neobank, is closing its deposit-taking business and handing back its banking licence after global capital raising failed, telling customers to move funds; the article recalls Xinja, 86 400 and Judo outcomes.

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Neobank Volt makes its move in the Aussie lending space, acquiring Australian Mortgage

Volt has bought Australian Mortgage to add digital mortgage approvals, paying mostly in shares; the piece recalls AFG's $15m investment in Volt, plus Xinja's shutdown and NAB's $220m buyout of 86 400.

Also Australian FinTech

Volt boosts Banking-as-a-Service capability with $15 million investment and strategic partnership with AFG

Neobank Volt raises $15 million from mortgage group AFG to expand its Banking-as-a-Service offering, with white-labelled products planned for AFG's broker network. The piece also recalls sector turmoil, including Xinja's closure and 86 400's sale to NAB.

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Volt enters strategic alliance with AFG and extends Series E to $85m

Neobank Volt announced a strategic alliance with mortgage aggregator AFG, including a $15 million equity investment extending its Series E to $85 million, to deliver white-label mortgage products through AFG's broker network.

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Neobank Volt closes $70m oversubscribed Series C, hits $100m total funding and sets sights on IPO

Volt Bank has completed an oversubscribed $70 million Series C, lifting its total equity funding to $100 million, with a planned ASX listing and a Series D raise ahead.

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Neobank Volt bags $70 million and heats up for an IPO, having just launched its first beta product

Neobank Volt has raised an oversubscribed $70 million Series C as it rolls out products and prepares for a possible IPO, with rivals 86 400 and Xinja also announcing new offerings.

Also SmartCompany

Aussie neobank race heats up as 86400 sets sights on whopping $250 million raise

Neobank 86400 aims to close a large capital raise later in 2019, while the piece recaps recent funding by Australian neobank rivals Judo, Xinja and Volt plus Airwallex and Deputy.

Volt becomes first neobank to secure full banking licence — and celebrates a $8.4 million raise

Volt Bank gained a full banking licence and took an $8.4 million investment from debt collector Collection House, which will also refer customers to Volt's money-management tools.

Also Australian FinTech