Volt

UK-based Volt offers an open banking real-time payment infrastructure platform, for domestic and cross-border payments, through its application programming interface (API). It connected 5,000 banks across the UK and EU, and, as of June 2023, handles payments in 9 currencies across 27 countries.

In addition to back-end payment mechanisms, Volt also offers tools for merchants to build checkouts and manage cash flows by providing visibility and insights on payments. This helps merchants dispatch goods or credit customer accounts faster and more securely as it minimizes the risk of payment reversals and failures.

The company expanded its platform beyond payment initiation, by launching Account Information Services (AIS) through “Verify,” in June 2022. Verify authenticates bank accounts at checkout, before payment initiation, for online merchants. By accessing the end customer’s bank account, merchants can confirm details such as the users’ full name, bank account number, and account balances.

As of June 2023, the platform was active in the UK, Europe, and Brazil. The company claims that Volt-powered transactions can deliver gross margins of over 80%, by delivering cost savings compared to traditional card payments. In February 2024, Volt obtained an Electronic Money Institution (EMI) license from the UK's Financial Conduct Authority (FCA).

Key customers and partnerships

In February 2024, Volt partnered with UK-based Bumper , a payment platform for car dealerships, to leverage Volt’s open banking capabilities to offer real-time payments in the UK, Spain, Germany, Netherlands, and Republic of Ireland. The company caters to ecommerce merchants and payment service providers. In May 2021, Volt partnered with payment orchestration platform IXOPAY, to provide the option to accept PSD2-compliant open banking payments. In addition, Volt is also integrated with leading payment platforms Stripe and Worldpay.

Volt’s client base includes several fintechs, including Farfetch, Vestaire Collective, and eToro, as of June 2023.

Funding and financials

Volt raised USD 60 million in Series B funding, led by IVP, in June 2023, at a USD 350 million valuation. The company earmarked the newly raised funds for investment in international expansion and product development.