- London-based open payments gateway Volt has raised $60 million in Series B funding.
- IVP led the round, which featured participation from both new and existing investors.
- Volt will use the capital to power its expansion into the Asia Pacific region, the Americas, and Australia later this year.
Volt, an open payments gateway based in London, has raised $60 million in Series B funding. IVP led the round, which also featured participation from CommerzVentures, EQT Ventures, Augmentum Fintech, and Fuel Ventures. The investment comes as the company announced plans for an expansion into the Asia Pacific region and the Americas.
The investment also takes Volt’s total equity funding to more than $87 million. New valuation information was not immediately available.
Founded in 2019, Volt currently operates in Europe, the U.K., and Brazil. The company connects more than 5,000 banks, bringing together a generation of account-to-account (A2A) payment infrastructure to a single point of access. Volt’s aggregation model offers a wide-ranging open payments reach and maximizes the speed, security, and resilience of transactions. Volt’s product suite includes Checkout, a unified ommichannel commerce experience; Circuit Breaker, a dedicated fraud prevention solution, Fuzebox, a real-time payments control center for notifications and reporting; Connect, a cash cycle management solution and real-time orchestration engine; Verify, an account ownership authentication tool; and Transformer, a solution to help consumers transition to account-to-account payments.
IVP Partner Angela Zhu praised Volt as “well positioned to redefine the future of payments on a global scale.” Zhu explained: “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 payments.”
In addition to its expansion plans for Asia Pacific and the Americas, Volt is also planning to enter the Australian market later this year. The company will also use the new capital to build out its acceptance network and global reach, as well as enhance its product suite to include cash management. Volt also announced that it will “significantly” bolster its product and engineering teams.
“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. “We’re staying focused, and humble, as we embark on this next chapter.”
Volt’s funding and expansion news comes just days after Volt announced that it secured approval as a Shopify open banking partner. Also this month, Volt teamed up with SEPAexpress to offer Request to Pay services across Europe, and partnered with Worldpay from FIS to help merchants take advantage of open banking.