London-based real-time payment infrastructure company Volt revealed that it has secured $60M (around €54M) in a Series B funding round. The funding was spearheaded by IVP, a Silicon Valley-based firm.
London-based Volt, a real-time payment infrastructure company, has attracted new investor CommerzVentures to participate in its latest funding round. Existing investors EQT Ventures, Augmentum Fintech PLC, and Fuel Ventures also joined the round.
Expressing enthusiasm about the company’s progress and vision for ubiquitous real-time payments, Tom Greenwood, CEO of Volt, expressed excitement about collaborating with IVP and becoming part of their esteemed portfolio of global brands. He emphasized their focus and humility as they embark on the next phase of growth.
The announcement follows the startup’s recent global partnership for real-time payments with Worldpay from FIS, the world’s largest merchant acquirer. Additionally, the payment infrastructure company has partnered with Shopify as their first open banking provider on the commerce platform.
With the newly secured funds, Volt intends to expand its real-time payments technology to the Asia-Pacific (APAC) region, with plans for market entry in Australia later in 2023. They are also targeting the US market for future expansion. The company aims to enhance its product suite by integrating cash management capabilities while bolstering its product and engineering teams.
Founded in 2019, Volt offers a comprehensive solution that combines real-time payments with innovative account-to-account (A2A) functionality. The company’s platform serves as an open payments gateway, enabling secure transaction processing between accounts held at over 5,000 banks in the UK, EU, and Brazil.
Utilizing an aggregation model, they extends unparalleled reach for open payments, ensuring optimal speed, security, and resilience for transactions. Currently accessible across the UK, Europe, and Brazil, Volt continues to expand its presence and offerings in the global market.
About the Investor
IVP, headquartered in Silicon Valley, specializes in assisting emerging companies in achieving long-term leadership in their respective markets. With a remarkable track record spanning 40 years, which includes facilitating over 130 IPOs, IVP has established partnerships with more than 400 companies, including notable names like Amplitude, Brex, Coinbase, Crowdstrike, Datadog, Discord, Klarna, Slack, Snap, and Twitter.
Eric Liaw, General Partner at IVP, states, “True to its name, Volt is establishing a dynamic global network for instant, secure, and cost-effective account-to-account (A2A) payments. With the founders’ profound knowledge and experience gained from transformative payment companies, coupled with the talented workforce at Volt, the company is well-positioned to provide merchants and payment partners with a lightning-fast, best-in-class payment solution they have desired and required.”
Angela Zhu, Partner at IVP, adds, “As more than 70 countries, including the US, transition to real-time payment (RTP) systems, merchants are reaping the immense benefits of instant, secure, and cost-effective A2A payments. With the projected value of A2A payments in e-commerce transactions reaching $757 billion by 2026, Volt is poised to redefine the future of payments on a global scale.”