London-headquartered Volt, an open payments gateway provider, has secured $23.5 million in capital through a Series A round that was led by EQT Ventures.
Augmentum Fintech, Fuel Ventures, and angel investors including Adyen co-founder Robert Kraal and FIS non-executive director Gabriel de Montessus took part in Volt‘s latest investment round as well.
Launched in 2019, Volt aims to provide convenient access to Open Banking payments across Europe. It reportedly connects more than 5,000 banking platforms in the UK and EU. This helps bring together new generation account-to-account payments infrastructure to a single point of access.
Volt’s management noted that there are 58 countries that are introducing new instant payment schemes, with firms throughout the world now embracing a more digital way of conducting business. With this new funding, Volt aims to expand operations into new markets so that it can increase its global presence.
Tom Greenwood, CEO at Volt, stated:
“Instant payments are set to dominate the global payments landscape and will become the new normal. It’s an exciting time to be in payments, and we are delighted to have secured such a significant funding round, and the backing of an influential group of investors.”
Tom Mendoza, Partner at EQT Ventures, remarked:
“The pandemic has created an inflection point in the payments sector; faced with unprecedented online demand, merchants and PSPs are re-assessing the technical infrastructure that underpins their business. Volt’s team of payments experts are creating meaningful change and building a new category in instant payments, forging the path by bringing new real-time networks to a single switch. We are delighted to be working with Tom and the team.”
As covered in April 2021, Volt revealed that it has developed new cash management functionality. It offers merchants and payment service providers with full visibility of Open Banking payments made via the UK’s Faster Payments Service and the European SEPA Credit Transfer and SEPA Instant Credit Transfer schemes.
Currently available in the United Kingdom, and also across Europe, Volt Connect has been designed to give merchants more control of their cash by allowing them to keep track of multi-currency PSD2 payments from the point of initiation to the moment of arrival in their accounts. Automatic reconciliation and reporting offer recipients with instant notification of transaction settlement, enabling them to credit the intended customer account a lot faster and in a reliable manner.