UK fintech Volt raises US$23.5 million in Series A funding round

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Volt raises funding | iTMunch

A UK-based payments fintech company, Volt has raised US$23.5 million (£17 million) in a Series A funding round. Volt’s official press release says that the capital raised will be used for expansion into new territories and building its international instant payments footprint.

The Series A funding round for Volt was led by EQT Ventures. Several high net worth individuals with payments industry experience, including Gabriel de Montessus as Non-Executive Director (FIS Worldpay Group President) and Robert Kraal as Chairman (Adyen Co-founder), also invested in Volt. There was also participation from existing investors Fuel Ventures and Augmentum Fintech PLC.

Volt and EQT Ventures execs on the funding

Chief Executive Officer of Volt, Tom Greenwood said that instant payments will dominate the global payments landscape and will also become the new normal. It is an exciting time to be in payments and EQT Ventures is delighted to have secured such a key funding round and the backing of an influential group of investors, adds Greenwood. 

The fintech company looks forward to working with its new partners at EQT Ventures as it builds out its global vision.

Partner at EQT Ventures, Tom Mendoza commented on the occasion by saying the COVID-19 pandemic has created an inflection point in the fintech and payments sector; faced with a growing and unprecedented online demand, PSPs and merchants are re-assessing their technical infrastructure that supports their business. 

The team of Volt has seasoned payments experts who are creating meaningful change and continuously building a new category in the instant payments segment, forging this path by bringing emerging real-time networks to a single switch. They’re delighted to be working with Tom and the Volt team, adds Mendoza.

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About Volt – UK-based payments fintech

Founded by Tom Greenwood in 2019, financial technology company Volt offers access to Open Banking payments across Europe. Volt connects more than 5,000 banks in the United Kingdom and the European Union. 

The intelligent platform of Volt “translates and operationalises” the real-time payments infrastructure, creating a scalable and highly flexible solution to deliver a unified experience for Merchants and Payment Service Providers. Volt has four fintech products – Switch, Checkout, Fuzebox and Connect. 

In May 2021, Volt partnered with IXOPAY (a payment orchestration platform) through which gives the merchant clients of IXOPAY another option to accept PSD2-compliant Open Banking payments via its platform.

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Image Courtesy: Volt Press Release

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