LONDON--(BUSINESS WIRE)--Jun 21, 2023--
Volt, the company building the global infrastructure for real-time payments, today announces that it has raised a $60 million Series B to fund expansion into new international markets such as APAC and the Americas - and support product development in existing markets across Europe, the UK and Brazil. Following London Tech Week, this investment from IVP, one of Silicon Valley’s leading investors, signals a vote of confidence in the UK’s fintech sector.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230621292901/en/
Tom Greenwood, CEO of Volt (Photo: Business Wire)
The investment round was led by IVP, a Silicon Valley based firm that has a 40+ year track record backing companies like Coinbase, Slack and Supercell. New investor, CommerzVentures, is also participating in this Series B round along with existing funds, including EQT Ventures, Augmentum Fintech PLC and Fuel Ventures.
Volt, which is currently available across the UK, Europe and Brazil, plans to bring its pioneering real-time payments technology to APAC with an Australian market entry planned for later in 2023, and also has its sights set on the US market. In an effort to continue innovating for customers, the company plans to use this Series B investment to build out its network of acceptance and global reach and to enhance its product suite to include cash management, while also significantly bolstering its product and engineering teams.
Tom Greenwood, CEO of Volt, comments: “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. We're staying focused, and humble, as we embark on this next chapter.”
Founded in 2019, Volt has established itself as a leading global real-time payments provider, and is forging the path by bringing together new generation account-to-account (A2A) payments infrastructure to a single point of access. This investment builds on Volt’s momentum, with recent wins including a global partnership for real-time payments with the world’s largest merchant acquirer, Worldpay from FIS, and teaming up with Shopify to become the commerce platform’s first open banking provider.
“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,” said Eric Liaw, General Partner at IVP.
Angela Zhu, Partner at IVP, adds: “As over 70 countries, including the U.S., transition to RTP systems, merchants are experiencing the immense benefits of instant, secure, and cost-effective A2A payments. With the value of A2A payments in e-commerce transactions set to reach $757 billion by 2026, Volt is well-positioned to redefine the future of payments on a global scale.”
Tom Mendoza, Partner at EQT Ventures, adds: “It’s no secret that fundraising in 2023 has been challenging for many, but Volt demonstrates that emerging category leaders in large and growing markets will thrive irrespective of the macroeconomic environment. The EQT Ventures team are delighted to see another British fintech take on APAC, Australia, and the US, with the backing of a globally renowned cohort of investors.”
Perry Blacher, Augmentum Partner, adds: “We are excited to continue to back the Volt team. The new capital and the addition of another leading investor, IVP, serve as further reinforcement for the company’s accelerating growth trajectory, as they continue to deliver their world-class service to global merchants.”
Stefan Tirtey, Managing Partner at CommerzVentures, adds: “We’re excited by Volt’s progress to date in its mission to deliver the first global real-time payment network. With its strong leadership team, technical expertise and commercial prowess, we believe it’s well positioned to deliver on the potential of A2A payments. We look forward to seeing what the future holds.”
About Volt
Founded in 2019, Volt is building the infrastructure for global instant payments. Today, its open payments gateway allows merchants and PSPs to process transactions securely between accounts held at more than 5,000 banks in the UK, the EU and Brazil. Volt’s unique aggregation model provides unrivalled open payments reach and maximises the speed, security and resilience of transactions. For further information, please visit: https://www.volt.io/
About IVP
IVP helps breakout companies grow into enduring market leaders. With a 40-year record of driving growth and 130+ IPOs, we’ve partnered with over 400 companies including Amplitude, Brex, Coinbase, Crowdstrike, Datadog, Discord, Klarna, Slack, Snap, and Twitter. As trusted allies, IVP helps founders and CEOs meet the challenge of leading a rapidly growing company. We are selective, proven, pragmatic, and genuine. We accompany the undaunted on the path to extraordinary outcomes.
About EQT Ventures
EQT Ventures is a multi-stage VC fund that partners with the most ambitious and boldest founders in Europe and the US. The fund is based in Luxembourg and has investment advisors stationed in Stockholm, Amsterdam, London, San Francisco, Berlin and Paris. Fuelled by some of Europe’s most experienced company builders and scalers, EQT Ventures helps the next generation of entrepreneurs with the capital and hands-on support needed to build global winners. For further information, please visit https://eqtventures.com/
About Augmentum Fintech
Augmentum invests in fast growing fintech businesses that are disrupting the financial services sector. Augmentum is the UK's only publicly listed investment company focusing on the fintech sector in the UK and wider Europe, having launched on the main market of the London Stock Exchange in 2018, giving businesses access to patient capital and support, unrestricted by conventional fund timelines and giving public markets investors access to a largely privately held investment sector during its main period of growth.
About CommerzVentures
Founded in 2014, CommerzVentures is a specialist fintech investor with €550m under management. CommerzVentures backs early and growth-stage companies in the fintech, insurtech and Climate FinTech sectors. A returns-driven Europe-first investor, CommerzVentures’ global strategy includes Israel, the USA, and Africa.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230621292901/en/
CONTACT: Tara Rapley
Tara.walker-rapley@archetype.co
KEYWORD: UNITED KINGDOM EUROPE
INDUSTRY KEYWORD: FINANCE PAYMENTS PROFESSIONAL SERVICES TECHNOLOGY FINTECH
SOURCE: Volt
Copyright Business Wire 2023.
PUB: 06/21/2023 11:18 AM/DISC: 06/21/2023 11:16 AM
http://www.businesswire.com/news/home/20230621292901/en
