Volt has raised $60 million in a Series B round to expand into Asia-Pacific (APAC) and the Americas.
The builder of infrastructure for global instant payments will also use the new capital to support product development in its existing markets in Europe, the United Kingdom and Brazil, Volt said in a Wednesday (June 21) press release.
The funding round was led by venture capital (VC) firm IVP, according to the release.
“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,” Volt CEO Tom Greenwood said in the release. “We’re staying focused, and humble, as we embark on this next chapter.”
Volt plans to enter the Australian market later this year and “has its sights set” on the United States market, according to the press release.
The company’s plans for product development include building out its network of acceptance and global reach, adding cash management to its product suite, and “significantly” bolstering its product and engineering teams, the release said.
“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 [account-to-account] payments,” IVP Partner Angela Zhu said in the release. “With the value of A2A payments in eCommerce transactions set to reach $757 billion by 2026, Volt is well positioned to redefine the future of payments on a global scale.”
Thirty-five percent of consumers used online bank transfers for online retail payments in January and 44% of those who have used this payment method are keen on doing so again, according to “New Payment Options: Building Stronger Customer Ties With Pay By Bank Transfer,” a PYMNTS and Nuvei collaboration.
The news of Volt’s latest funding round comes on the heels of the announcement of two partnerships earlier this month.
On June 14, eCommerce company Shopify named Volt as its open banking partner and said merchants in Europe, the U.K. and Brazil that have integrated Shopify can now offer Volt’s Pay by Bank solution at checkout.
A week earlier, on June 6, Worldpay from FIS and Volt partnered to enable merchants to receive account-to-account (A2A) payments from consumers.
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