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Volt, Australia's first online-only bank, shuts down due to fund-raising woes

Channel News Asia LogoChannel News Asia1 mo ago

Volt, Australia's first online-only bank, shuts down due to fund-raising woes

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:Volt Bank Ltd, the first exclusively online bank to gain an Australian banking licence, said it would shut down, returning deposits and selling its mortgage book as it had been unable to raise sufficient funds to support the business.

"We have considered all options but ultimately we have made this call in the best interest of our customers," Volt founder and CEO Steve Weston said in a statement.

Volt returned to the market this February with a plan to raise another A$200 million, local media reported.


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Article Details

Category: Economy

Topics: Bank Government Mortgage Business Year Volt Neobanks Loans Australia Million Australian

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-29, 08:31:46

News Timezone: GMT +8:00

News Source URL: channelnewsasia.com

Language: English

Reading Time: 3 minutes read

Article Length: 491 words

Coverage Area: Singapore

Availability: Desktop Web, Mobile Web

News ID: 19654

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About Channel News Asia

Channel News Asia Logo

Main Topics: Economy

Official Website: channelnewsasia.com

Update Frequency: 57 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 1h ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #27

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