London-based Volt, a real-time payment infrastructure company, announced on Wednesday that it has raised $60M (approximately €54M) in a Series B round of funding led by Silicon Valley-based firm IVP.
New investor CommerzVentures also participated in the round along with existing investors EQT Ventures, Augmentum Fintech PLC, and Fuel Ventures.
Tom Greenwood, CEO of Volt, says, “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 announcement comes a few days after signing a global partnership for real-time payments with the world’s largest merchant acquirer, Worldpay from FIS, and teaming up with Shopify to become the commerce platform’s first open banking provider.
Volt says it will deploy the capital towards expanding its real-time payments technology to APAC with an Australian market entry planned for later in 2023 and also has its sights set on the US market.
The UK company will also use the funds to advance its product suite to integrate cash management. In addition, it will strengthen its product and engineering teams.
Volt: Real-time payment provider
Volt, founded in 2019, provides real-time payments and combines new generation account-to-account (A2A) accounts into one product.
The company’s open payments gateway allows merchants and PSPs to process transactions securely between accounts held at more than 5,000 banks in the UK, the EU, and Brazil.
Volt’s aggregation model provides unrivalled open payments reach and maximises transactions’ speed, security, and resilience.
Volt, which is currently available across the UK, Europe, and Brazil.
The investor
Based out of Silicon Valley, IVP helps breakout companies grow into enduring market leaders.
With a 40-year record of driving growth and 130+ IPOs, IVP has partnered with over 400 companies including Amplitude, Brex, Coinbase, Crowdstrike, Datadog, Discord, Klarna, Slack, Snap, and Twitter.
“True to its name, Volt is creating an electrifying global network for instantaneous, secure and cost-effective A2A payments. 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,” says Eric Liaw, General Partner at IVP.
Angela Zhu, Partner at IVP, says, “As over 70 countries, including the US, transition to RTP systems, merchants experience the immense benefits of instant, secure, and cost-effective A2A payments. With the value of A2A payments in e-commerce transactions set to reach $757B by 2026, Volt is well positioned to redefine the future of payments on a global scale.”
Read the orginal article: https://siliconcanals.com/news/startups/volt-raises-54m-from-ivp/
