Real-time payments provider Volt has secured $60 million in a Series B funding round led by investor IVP, with the proceeds set to fund its international expansion plans.
New investor CommerzVentures also participated in the fundraising, alongside existing investors such as EQT Ventures, Augmentum Fintech and Fuel Ventures.
In addition to funding its entry into new markets in APAC and the Americas, Volt intends to use the proceeds to support product development in existing markets across the UK, Brazil and Europe, adding cash management to its product range.
Volt plans to enter the Australian market later in 2023 with the Series B investment, while the US is also on its radar.
The funding will also go towards “significantly bolstering” Volt’s product and engineering teams.
Tom Greenwood, chief executive officer of Volt, said: “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.”
“True to its name, Volt is creating an electrifying global network for instantaneous, secure and cost-effective A2A payments,” said Eric Liaw, general partner at IVP.
“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.”
Tom Mendoza, partner at EQT Ventures, added: “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.”
Earlier this month, Volt became a global Open Banking partner of ecommerce company Shopify.
merchants across the UK, Europe and Brazil that have integrated Shopify will be able to offer Volt’s ‘Pay by Bank’ solution at checkout, with Australia to follow later this year.