Volt bank

Australia's first neobank, Volt Bank Ltd , said on Wednesday it was shutting down its deposit taking business, returning its banking licence and reducing ...

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Innovation was a key plank of the neobank's business model. But the best mortgage platform in Australia is of little use without capital to lend the money.

Weston says he is sad about the bank’s demise and the fact 140 people will lose their jobs. “Well, what is it that you don’t want to give a decent rate on a savings accounts? Citi entered the retail banking market with a licence issued by former treasurer Paul Keating in 1985. Volt chief executive Steve Weston says the bank needed about $7 in capital for every $100 of mortgage lending. Innovation was a key plank of the neobank’s business model. With one exception, they have a track record of wasting money on technology products.

Neolender Volt Bank is handing bank customer deposits and will exit the banking industry, it has been revealed. In an announcement on its website, ...

“The entire Volt team is deeply disappointed to have reached this point. ), as part of We will not close accounts while there are funds in your Volt account. "Volt’s decision to exit the banking industry and pursue other business opportunities is a commercial decision for Volt," it said in a statement. Volt will close your accounts once all money has been transferred out. In an announcement on its website, the neobank - which was the first Australian RADI - has said it is closing its deposit taking business and intends to return its banking licence.

It will hand back deposits to customers and return its banking licence, marking another failure in the neobank experiment.

Volt was the first neobank to gain a banking licence in 2019 after the rules were loosened to encourage competition. “The entire Volt team is deeply disappointed to have reached this point. One of these said Volt had made a strategic mistake in building its own system instead of looking to partner with specialists. “Many neobanks are taking a very technologically conservative approach, selecting eye-wateringly expensive core technology that simply reproduces the capabilities of existing banking platforms, rather than being open to the opportunities that innovative cloud core banking platforms can deliver. “As Australia’s financial safety regulator, APRA will closely monitor the process to ensure funds are returned to Volt depositors in an orderly and timely manner.” The planned Series F raising followed a capital raising last year in which Australian Finance Group participated in an upsized $100 million funding round. In a statement on Volt’s website, customers were told to withdraw their funds by July 5. “I don’t think this is the end of the neobanking experiment, but we were at a very unhelpful time to raise capital. Volt was expecting to break even at the end of next year. According to April’s APRA statistics, Volt Bank had $113 million in deposits. Many of these were due to go live if the Series F raising came in. Volt told its 140 staff on Wednesday morning that they were out of a job.

The digital bank has announced it is closing its deposit-taking business and plans to return its licence.

"The Australian Prudential Regulation Authority (APRA) notes today's announcement by Volt Bank Limited (Volt) that it intends to return all funds to depositors and ultimately relinquish its licence to operate as an authorised deposit-taking institution," APRA said in a statement. "Volt has made the difficult decision to close its deposit taking business and has commenced the process of returning all deposits to its account holders," the bank said in a statement. The bank attributed the closure to the pandemic and the "current challenging global economic climate" meaning it has been unable to secure the funding needed to stay operational.

Australian fintech Volt Bank, which has been partnered with Melbourne-based crypto exchange BTC Markets, has announced it's closing.

the word “unsustainable” certainly springs to mind when pondering those, given recent events. that’s pretty low compared with the crypto industry’s interest-rate levels on the whole… It is recommended that all customers stop using their accounts immediately.”

The digital bank that 'wanted to change the world of banking' will close next week.

We went around the world talking to investors. “I don’t think this is the end of the neobanking experiment, but we were at a very unhelpful time to raise capital. “We tried.

Digital bank Volt has announced it is closing its deposit-taking business and intends to return its banking licence. Volt said the decision was made by the ...

APRA is closely monitoring the return of funds. Volt has executed a transaction to sell its mortgage portfolio and begun the process of returning all deposits to customers in full. The online bank confirmed it has notified the Australian Prudential Regulation Authority (APRA) of its intention to close its deposit-taking business, return all deposits to its customers and hand back its banking licence.