Instant payments are set to dominate the global payments landscape and will become the new normal. Making this a reality, Volt, which is based out of London, is building the global infrastructure for real-time payments.
Now, Volt has raised a $60 million Series B in a funding round led by IVP, a Silicon Valley-based firm that recently invested in Skydio and Pigment. New investor – CommerzVentures also invested in this Series B round along with existing funds, including EQT Ventures, Augmentum Fintech PLC, and Fuel Ventures.
Funding to boost global expansion
Volt, which is currently available across the UK, Europe, and Brazil, plans to bring its pioneering real-time payments technology to APAC with an Australian market entry planned for later in 2023. Also, it has set eyes on the US market.
In an effort to continue innovating for customers, the company plans to use this Series B investment to build out its network of acceptance and global reach, and to enhance its product suite to include cash management, while also significantly bolstering its product and engineering teams.
Tom Greenwood, CEO of Volt, commented: “Testament to our progress and our vision for real-time payments everywhere, we’re thrilled to be working with our new partners at IVP, joining their portfolio of leading global brands. We’re staying focused, and humble, as we embark on this next chapter.”
“True to its name, Volt is creating an electrifying global network for instantaneous, secure and cost-effective A2A payments. The wisdom and experience of the founders accrued at transformative payments companies, coupled with the talented employees at the company, strongly position Volt to give merchants and payment partners the lightning-fast, best-in-class payment solution they’ve wanted and needed,” said Eric Liaw, General Partner at IVP.
Angela Zhu, Partner at IVP, added: “As over 70 countries, including the US, transition to RTP systems, merchants are experiencing the immense benefits of instant, secure, and cost-effective A2A payments. With the value of A2A payments in e-commerce transactions set to reach $757 billion by 2026, Volt is well positioned to redefine the future of payments on a global scale.”
Tom Mendoza, Partner at EQT Ventures, added: “It’s no secret that fundraising in 2023 has been challenging for many, but Volt demonstrates that emerging category leaders in large and growing markets will thrive irrespective of the macroeconomic environment. The EQT Ventures team are delighted to see another British fintech take on APAC, Australia, and the US, with the backing of a globally renowned cohort of investors.”
Perry Blacher, Augmentum Partner, added: “We are excited to continue to back the Volt team. The new capital and the addition of another leading investor, IVP, serves as further reinforcement for the company’s accelerating growth trajectory, as they continue to deliver their world-class service to global merchants.”
Open payments super gateway
Founded in 2019 by Jordan Lawrence, Steffen Vollert and Tom Greenwood, Volt recognised how open banking has the power to transform how businesses, wherever they happen to be, receive payments from their customers. It is building an open payments super gateway that enables merchants across the globe to receive direct, account-to-account payments in real-time.
Currently, its open payments gateway allows merchants and PSPs to process transactions securely between accounts held at more than 5,000 banks in the UK and EU. Volt’s unique aggregation model provides unrivalled open payments reach and maximises the speed, security and resilience of transactions.
Recently, the company entered into a global partnership for real-time payments with the world’s largest merchant acquirer, Worldpay from FIS, and teamed up with Shopify to become the commerce platform’s first open banking provider.
