Failed 2022

    Volt Bank

    Australia's first neobank to receive a banking licence handed it back in 2022 after failing to raise the AUD$200M needed to become profitable.

    Founded → Closed

    2017 → 2022

    Funding Raised

    $220M

    Industry

    Fintech/Neobank

    Country

    Australia

    Full Analysis

    Sydney-based Volt Bank became Australia's first independent neobank with a full banking licence in 2019. After raising over AUD$220M, it required another AUD$200M to reach scale. Unable to close that round in the 2022 funding environment, Volt returned customer deposits and handed back its banking licence — the first Australian neobank to do so. The Volt story signaled the end of standalone Australian neobanking.

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