The banking industry has changed significantly throughout the past few years and is now progressing into an integrated system of online and offline procedures. Websites, applications, wearables, and other innovations have enabled tremendous advancements within the banking industry, improving internal and external processes on an exponential scale. The latest banking innovation include Neo-Banks, which have left the world of cold hard cash behind and exist solely as digital entities.
Volt is a Neo-Bank and has secured a restricted banking license from the Australian Prudential Regulation Authority (APRA), an initiative which supports financial entities to become registered as authorized deposit-taking institutions (ADI). Volt Bank is the first Neo-Bank to secure the license which is a reflection of the organization’s innovative approach and successful adoption of new business models that promise superior banking experiences for customers.
Competition in financial services is evolving - Distribution previously being the source of a competitive advantage is now becoming a commodity. The product and the customer journey with technology are transforming every aspect of consumer behavior.
Governments have lifted competition by adapting banking license regimes to be more accommodating to new entrants and entrepreneurs such as the introduction of phased licensing (Restricted Authorised Deposit-taking institution - RADI)
Volt Investment to Date
PayPal has signed its first partnership with an Australian bank, Volt Bank, enabling customers to sign up through their Paypal accounts to reduce the time and frustration of re-entering personal details.
Currently, Volt Bank has raised $25 million and it’s most recent valuation is $120 million. Series C funding round has commenced, led by KPMG Corporate Finance, predicting to raise a further $35 million.
Devika and Volt
We’re pleased to have provided satisfactory services through this collaboration, expressed by Cache CTO, Tony Thrassis, “At Volt, when building the technology stack we needed pick partners that were experienced and aligned with our values. Selecting Ken Kencevski and the Devika team to assist with our mobile app build was a no regrets decision. They were able to support our agile needs and adapt to the rapid changing requirements with a smile. I would recommend Ken and his wonderful team of designers and developers to companies large and small without any hesitations.”
To stay in the loop about Devika and Volt or to begin a conversation about your own organization, feel free to contact us.