UK Real Time Payment Fintech Volt Closed $60M Series B Round, CommerzVenture Participatesby Fintechnews Switzerland June 22, 2023
Volt, a UK based infrastucutre-real-time payment company, announces that it has raised a $60 million Series B to fund expansion into new international markets such as APAC and the Americas – and support product development in existing markets across Europe, the UK and Brazil. Following London Tech Week, this investment from IVP, one of Silicon Valley’s leading investors, signals a vote of confidence in the UK’s fintech sector.
The investment round was led by IVP, a Silicon Valley-based firm that has a 40+ year track record backing companies like Coinbase, Slack and Supercell (note that complete investment by IVP is subject to regulatory approval in the countries in which Volt is regulated). New investor, CommerzVentures, is also participating in this Series B round along with existing funds, including EQT Ventures, Augmentum Fintech PLC and Fuel Ventures.
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, and also has its sights set 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, comments:
“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.”
Founded in 2019, Volt has established itself as a leading global real-time payments provider, and is forging the path by bringing together new generation account-to-account (A2A) payments infrastructure to a single point of access. This investment builds on Volt’s momentum, with recent wins including a global partnership for real-time payments with the world’s largest merchant acquirer, Worldpay from FIS, and teaming up with Shopify to become the commerce platform’s first open banking provider.
Stefan Tirtey, Managing Partner at CommerzVentures, adds:
“We’re excited by Volt’s progress to date in its mission to deliver the first global real-time payment network. With its strong leadership team, technical expertise and commercial prowess, we believe it’s well positioned to deliver on the potential of A2A payments. We look forward to seeing what the future holds.”
Featured image credit: Tom Greenwood, CEO of Volt and Eric Liaw, General Partner at IVP. Background image edited from Freepik.