Open payments gateway Volt has raised $23.5 million to fuel global expansion plans as well as further product development efforts.
Founded in late 2019, Volt provides a real-time payment support mechanism for merchants and payment service providers. The firm has quickly established itself as a major player in the European open banking industry, already connecting over 5,000 UK and EU banks, and is now looking at the 58 countries around the world which have been rolling out new instant payment schemes.
In a pandemic and post-pandemic world, it’s clear that consumers, yes, even my mum, have become increasingly comfortable with online purchases, if for no other reason, because they quickly became the only game in town. According to an Ofcom report, in the UK alone, e-commerce numbers rose by 48% to a lofty £113 billion in 2020. Globally, e-commerce transactions account for 19% of all retail sales, and if consumers expect anything (perhaps just after free shipping) it’s the convenience of a safe and speedy online payment process.
“Instant payments are set to dominate the global payments landscape and will become the new normal,” comments CEO Tom Greenwood.
Volt’s new funding round was led by EQT Ventures with existing investors Augmentum and Fuel Ventures returning to the table. Angel investors including Robert Kraal (co-founder of Adyen) and Gabriel de Montessus (Group President at FIS Worldpay) also participated.