Volt secures $60 million in Series B funding round led by Silicon Valley investor IVP, as announced today. The funding will be used to fuel Volt’s expansion into new international markets, including APAC and the Americas, and support product development in existing markets across Europe, the UK, and Brazil. This investment from IVP, known for backing successful companies like Coinbase, Slack, and Supercell, demonstrates confidence in the UK’s fintech sector.
In addition to IVP, new investor CommerzVentures joins the Series B round, along with existing funds EQT Ventures, Augmentum Fintech PLC, and Fuel Ventures. With its current presence in the UK, Europe, and Brazil, Volt plans to introduce its real-time payments technology to APAC, with a market entry in Australia slated for later in 2023. The company also has ambitions to enter the US market.
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The Series B investment will be utilized to expand Volt’s acceptance network and global reach, enhance its product suite to include cash management, and significantly strengthen its product and engineering teams, aiming to continue innovating for its customers.
How does this news impact fintech?
- Additional funding: The $60 million investment in Volt demonstrates investors’ confidence in the fintech sector and the company specifically. This can provide a boost to other fintech companies by showcasing the availability of capital to finance new ventures and expand existing ones.
- International expansion: The funding will enable Volt to expand into new international markets such as APAC and the Americas. This expansion creates opportunities for collaborations and partnerships with local fintech companies, fostering a more robust ecosystem and expanding the possibilities for fintech services and solutions worldwide.
- Innovation and product development: Part of the funds will be allocated to Volt’s product development, including the enhancement of its product suite and services. This investment in research and development can inspire other fintech companies to continue innovating and improving their own offerings to remain competitive in the market.
How does this news impact venture capital?
- Investment opportunities: The $60 million investment in Volt demonstrates significant investment opportunities in the fintech sector. Venture capital firms can identify new companies and projects with growth potential to support and generate financial returns.
- Strengthening the sector: Financial backing for Volt and other fintech companies strengthens the venture capital ecosystem by instilling confidence in the sector. This can attract more investors and increase the availability of capital to finance startups and emerging companies in the fintech space.
- Facilitating collaborations: The investment in Volt and its international expansion creates opportunities for venture capital firms to engage in strategic partnerships and collaborations with other fintech companies. This can generate synergies and expand opportunities for joint investment in the sector.
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