The news that Volt Bank, the last of the three true Australian neobanks to secure a banking licence, is shutting down sent waves through the banking and fintech community this week. It is the second neobank to return deposits and surrender its banking license after the high profile collapse of Xinja, as well as the… Read more »
The collapse of Volt is sending shockwaves through the fintech sector as startups closely connected to the neobank, such as Parpera, scramble to regroup. The fintech partnered with Volt for banking services, meaning its 500+ small business customers have lost banking, payments and cards functions until a new banking collaborator is found. In a post… Read more »
Neobank Xinja Bank has broken its own equity crowdfunding record, raising just under $2.59 million from over 1,500 investors in its second campaign.
The battle of the digital banks is on, with new offering Up launching today as volt bank announces a partnership with PayPal.
APRA has authorised fintech Volt as a restricted authorised deposit-taking institution, making Volt the first of the digital banks to secure the licence.