UK fintech company Volt raises £17M to build global instant payments network

FinTech, funding, London, startup, Volt, Open Banking payments

Volt, a London-based company building the infrastructure for global instant payments, has secured $23.5 million (approx £17 million) funding in a Series A round. 

The round was led by EQT Ventures, with participation from existing investors including, Augmentum Fintech PLC and Fuel Ventures. Several angel investors like Robert Kraal as Chairman (co-founder of Adyen) and Gabriel de Montessus as Non-Executive Director (Group President at FIS Worldpay). 

The funding will be used to accelerate product development and international expansion activities. 

Global instant payments platform 

Founded in 2019 by Tom Greenwood, Volt offers access to Open Banking payments in Europe, connecting over 5,000 banks across the UK and EU. 

Volt’s intelligent platform translates and operationalises the real-time payments infrastructure, creating a highly flexible and scalable solution, and delivering a unified experience for Merchants and Payment Service Providers. 

Last month, Payment orchestration platform IXOPAY and Volt announced a new partnership that will give IXOPAY’s merchant clients another option to accept PSD2-compliant Open Banking payments through its payment orchestration platform.

Tom Greenwood, CEO of Volt, comments: “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 significant funding round, and the backing of an influential group of investors. We look forward to working with our new partners at EQT Ventures as we build out our global vision.”

Tom Mendoza, Partner at EQT Ventures, added: “The pandemic has created an inflexion 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 is creating meaningful change and building a new category in instant payments, forging the path by bringing new real-time networks to a single switch. We are delighted to be working with Tom and the team.”

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