The London-based company will also use the fresh capital injection for product development. The round included participating investors such as Augmentum Fintech PLC and Fuel Ventures along with others.
“The pandemic has created an inflection point in the payments sector; faced with unprecedented online demand, merchants and PSPs are re-assessing the technical infrastructure that underpins their business. Volt’s team of payments experts are creating meaningful change and building a new category in instant payments, forging the path by bringing new real-time networks to a single switch,” Tom Mendoza, Partner at EQT Ventures said in a prepared statement.
Volt, which was founded in 2019, connects over 5,000 banks in the UK and EU and offers access to open banking payments in Europe. The company is also bringing together new account-to-account payments infrastructure to a streamlined point of access, according to the news release.
“Instant payments are set to dominate the global payments landscape and will become the new normal. It’s an exciting time to be in payments, and we are delighted to have secured such a significant funding round, and the backing of an influential group of investors,” Tom Greenwood, CEO of Volt, said in a statement.
In other recent fintech news, Wise, formerly referred to as TransferWise, is looking to debut in public markets via a direct listing on the London Stock Exchange, CNBC reported. The company is taking the direct listing route as opposed to an initial public offering because it doesn’t need to raise any new capital, CNBC reported.