Volt Bank


Volt Bank is an Australian consumer neobank, and was the first such bank to be issued with a restricted ADI licence by APRA.
Headquartered in Sydney, Australia, the bank was founded in 2017 and was granted a full licence to operate as an authorised deposit-taking institution on 21 January 2019.

Business

Volt’s banking platform is located in the cloud using the Temenos T24 core banking, Financial Crime Mitigation and Analytics, Salesforce and Microsoft Azure.
Volt Bank also has industry partnerships with PayPal, Cotton On and Collection House.
The bank publishes a mobile app, Volt Labs App, through which customers hold discussions and give feedback on the bank's products and services. The bank is planning to begin serving small businesses in 2020.

History

The banking regulator, APRA, created the restricted ADI licensing framework to encourage new entrants and competition to the existing banking system.
Volt Bank was issued with a RADI licence on 7 May 2018, the first organisation to obtain one under the new licensing framework. In doing so, it became the first completely new institution to be licensed as retail bank in the Australian market since Australian Bank in February 1981.