Volt raises $23.5 million in its Series A funding

Up until this funding, VC has collectively poured over $3.71 billion in startup funding with Paysend securing $125 million in the last VC funding round.

This week, London headquartered payments company Volt has announced that it has raised $23.5 million Series A to fund its expansion into new territories and build out its global instant payments footprint, as stated in the press note.

The funding round was led by EQT Ventures and existing investors Augmentum Fintech PLC and Fuel Ventures also participated in the round along with angel investors such as Robert Kraal as Chairman (co-founder of Adyen) and Gabriel de Montessus as Non-Executive Director (Group President at FIS Worldpay). The company claims that this is the largest Series A investment on record for the Open Banking industry.

“Instant payments are set to dominate the global payments landscape and will become the new normal”, said Tom Greenwood, CEO of Volt.

The company was founded in 2019 and provides access to Open Banking payments in Europe, connecting over 5,000 banks across the UK and EU and the company is bringing together new generation account-to-account (A2A) payments infrastructure to a single point of access.

The company claims that its ‘platform translates and operationalises the real-time payments infrastructure, creating a highly flexible and scalable solution’ and delivers a unified experience for merchants and Payment Service Providers.

“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”, said Tom Mendoza, Partner at EQT Ventures.