The funding round brings the Australian neobank a step closer to its planned listing on the Australian Stock Exchange late this year as well as brings its total equity raised to US$68.8 million.

In December last year, the company rolled out its very first savings accounts to around 40,000 interested Australians.

Volt Bank plans to offer a full range of consumer deposit and loan products by the end of 2020 and enter the small and medium-sized enterprise (SME) space in 2021.

Established in 2017, Volt Bank is kicking off a series D funding round focused on investors in the Middle East and the United Kingdom.

“We are now raising more capital to invest in the development, integration, and onboarding of partners that will open up new customer bases with both Volt-branded and white-labelled banking products,” Steve Weston, Volt CEO and co-founder said.