Volt Bank

Volt Bank was an Australian digital bank, often referred to as a neobank, that aimed to disrupt the traditional banking sector with a mobile-first approach. Founded in 2017, it became the first such institution to be granted a full Authorised Deposit-taking Institution (ADI) license by the Australian Prudential Regulation Authority (APRA) in January 2019. The bank's mission was to offer simpler, more transparent, and customer-centric banking services, starting with savings accounts and planning to expand into other products. However, after facing significant challenges in raising sufficient capital in a difficult market, Volt Bank announced in June 2022 that it would be closing its business, ceasing its deposit-taking operations, and returning all funds to its customers under APRA's supervision.