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 and Devika Ventures
Former CFO of St George Bank and Devika Ventures Advisor, Elvio Bechelli and Devika Ventures, Alexander Bechelli have invested capital personally into Volts Series B round. Elvio and Alexander identify the competitive strength of Volt to be the adoption of digital technology as it aligns with the increased use of digital banking; Online banking is the second most common banking channel in Australia at 54.2% (Roy Morgan 2018).
Alexander explains “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.”
There also has been progression with regulators Elvio explains "Governments have lifted competition by adapting banking license regimes to be more accommodative to new entrants and entrepreneurs such as the introduction of phased licensing (Restricted Authorised Deposit-taking institution - RADI)” - Elvio Bechelli.
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.”
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.
The Chief Executive Officer, Steve Weston and Deputy CEO, Luke Bunbury founded Volt Bank with the conviction that, “Everyone deserves a better, fairer way to look after their money.” Volt Bank aspires to achieve this objective by utilizing technology, “To build a platform that gives Australians more control of their money”.
Volt Investment to Date
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.
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.
Devika and Volt
In addition to Devika Ventures, Devika is providing technical support to Volt Bank through assisting the core technology team with building out their online and web banking services, as well as looking at how they can use virtual reality (VR) and augmented reality (AR) to further improve the customer experience, delivering on Volt Bank’s promise to “[Use] technology to adapt to [customers] changing needs and to reduce costs so [they] can give more back”.
To stay in the loop about Devika and Volt or to begin a conversation about your own organization, email Devika here.