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Payments provider Volt scores £47m Series B round

Volt Payments
Volt CEO Tom Greenwood. Image credit: Volt

London-based payments provider Volt has secured a $60m (£47m) Series B round as it looks to expand into new international markets in Asia and the Americas.

Founded in 2019, Volt is a real-time payments provider that uses open banking to facilitate transactions between merchants and customers.

The company currently operates across the UK, Europe and Brazil and is looking to expand into the Asia Pacific market with an Australian launch planned later this year. It will also explore offering its services in the US.

Tom Greenwood, CEO of Volt said: “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. We’re staying focused, and humble, as we embark on this next chapter.”

The latest investment round for Volt was led by IVP, a Silicon Valley-based investment firm that has backed major startups including Coinbase, Slack and Supercell.

“True to its name, Volt is creating an electrifying global network for instantaneous, secure and cost-effective A2A payments,” said Eric Liaw, General Partner at IVP.

“The wisdom and experience of the founders accrued at transformative payments companies, coupled with the talented employees at the company, strongly position Volt to give merchants and payment partners the lightning-fast, best-in-class payment solution they’ve wanted and needed.”

Other participants in the round were CommerzVentures, EQT Ventures, Augmentum Fintech PLC and Fuel Ventures.

The sizeable raise comes amid a funding downturn, with total UK tech investment falling by 57% year-over-year during the first half of 2023.

“It’s no secret that fundraising in 2023 has been challenging for many, but Volt demonstrates that emerging category leaders in large and growing markets will thrive irrespective of the macroeconomic environment,” added Tom Mendoza, a partner at EQT Ventures.

“The EQT Ventures team are delighted to see another British fintech take on APAC, Australia, and the US, with the backing of a globally renowned cohort of investors.”

Volt previously raised £17m for its Series A round back in June 2021.