FinTech News
U.K.-Based FinTech Volt Raises $60 Million for U.S. Expansion
A real-time payments startup from the United Kingdom has raised a new round of funds ahead of a planned expansion to the United States.
About the round:
Earlier this week, Volt announced that it had raised $60 million. The Series B was led by Silicon Valley-based IVP, while newcomer CommerzVentures as well as existing investors EQT Ventures, Augmentum Fintech PLC, and Fuel Ventures also participated. To date, the company has now raised a total of $87.8 million including a $23.5 million Series A two years ago.
Notably, with the new funds, Volt intends on expanding into new markets, including the U.S. Before that, however, an Australian market entry is anticipated for later this year.
About Volt:
Volt is a real-time payment infrastructure company based in London. In addition to operating in the United Kingdom, the platform is also currently available in other parts of Europe as well as in Brazil. According to the company’s site, its network is in 25 territories and covers more than 680 million bank accounts.
Among its suite of products, Volt offers a streamlined checkout experience for e-commerce, a fraud prevention feature called Circuit Breaker, and the ability for customers to Pay by Link.
What they’re saying:
Announcing the new funding, Volt CEO Tom Greenwood stated, “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.” Greenwood added, “We’re staying focused, and humble, as we embark on this next chapter.”
IVP general partner Eric Liaw also said of the firm’s investment, “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.”
My thoughts:
Assuming all goes as planned and Volt does make it stateside, they certainly wouldn’t be the first FinTech from across the pond to make a splash in America. With the firm already garnering attention from Silicon Valley VCs, its entry into the U.S. market should be made a lot easier — not to mention the $60 million it can now tap to help fuel that expansion. So, while Volt may not be here just yet, its arrival will be one to watch.
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