Volt receives $60 million in Series B funding to extend its Australian real-time payments network, improving security and efficiency.
With a $60 million Series B fundraising round, fintech company Volt extends its real-time payments network into Australia. By collaborating with the PayTo digital payment platform in Australia, Volt hopes to provide companies and customers with safe, quick, and easy payment choices.
The decision is in line with Australia’s rising need for cutting-edge payment options, and Megatix Events becomes the country’s first retailer to use Volt’s technology, increasing the effectiveness of payments.
Volt, which was founded in 2019 and has since spread throughout the UK and Europe, increased its global reach in 2021 when it entered the South American market through Brazil.
Australia is a major milestone for Volt and the account-to-account (A2A) payments industry, with a network of over 5,000 banks. PayTo, an Australian digital payment platform that lets users authorize and manage payments straight from their bank account, will be connected with Volt’s gateway.
Important market
Australia is the second-largest market for the adoption of innovative payment technologies, behind China, according to a recent Cognizant analysis. According to Juniper Research, the value of open banking payments will reach $330 billion globally by 2027.
The creator and CEO of Volt, Tom Greenwood, expressed his excitement at finally introducing their technology to the Australian market and starting their journey into the APAC area. “At Volt, our mission is to transform the payments industry and provide a solution that greatly benefits our technology’s user merchants as well as their clients.
“Australia is rapidly emerging as a crucial market for numerous international enterprises, and much like Brazil was when we first entered it, our entry into this rapidly expanding market will revolutionize the payments industry.”
“Our goal is to be at the forefront when it comes to creating an innovative ticketing platform, and we have found the perfect payment technology partner in Volt to do just that,” stated Megatix CEO Roshan Odhavji. As the first company in the market, we can now provide our clients with a smooth checkout experience thanks to Volt’s industry-leading real-time payment capabilities.
“We are able to significantly improve the payments process for our customers, such as removing expensive chargebacks linked with payments, which have historically been a pain point for our vendors, thanks to open banking and Volt’s technology.”
In order to oversee and expand the Australian market, Volt will also open physical locations there and make a number of key appointments.
