Fintech company Volt expands its real-time payments platform into Australia with a $60million Series B funding round. Partnering with Australian digital payment platform PayTo, Volt aims to offer secure, fast, and seamless payment options to consumers and businesses.
The move aligns with Australia’s growing appetite for innovative payment methods, and Megatix Events becomes the first Australian merchant to integrate Volt’s technology, improving payment efficiency.
Volt, established across the UK and Europe in 2019, further expanded its global footprint by entering the South American market via Brazil in 2021.
With a network of more than 5,000 banks, Australia represents a significant milestone for Volt and the account-to-account (A2A) payments industry. Volt’s gateway will be integrated with PayTo, an Australian digital payment platform that enables consumers to authorise and control payments directly from their bank account.
A recent report from Cognizant found that Australia is the second leading market in the adoption of new payments technology, following China with Juniper Research reporting the value of open banking payments will reach $330billion globally by 2027.
“I am incredibly excited to finally introduce our technology to the Australian market and begin our journey into the APAC region,” said Tom Greenwood, founder and CEO of Volt. “Our goal at Volt is to revolutionise the payments sector and create a solution that significantly benefits not only merchants who use our technology but their customers as well.
“Australia is fast becoming a key market for many global businesses and similarly to Brazil when we launched there, our introduction into this fast-growing market will be transformative to the payments space.”
Roshan Odhavji, CEO of Megatix, also added: “Our goal is to be at the forefront when it comes to creating an innovative ticketing platform and we have found the perfect payment technology partner in Volt to do just that. With Volt’s industry leading real-time payment capabilities, we’re now able to offer our customers a slick checkout experience, and be the first in the market to do so.
“Thanks to open banking and Volt’s technology, we’re able to improve the payments process immeasurably for our customers, such as eliminating costly chargebacks associated with payments which have been a historic pain point for our vendors.”
Volt will also establish a physical presence in Australia, while making a number of significant hires to manage and grow the Australian market.