Numerous entities affiliated with failed neobank Volt have entered solvent liquidation with expectations all creditors will be paid in full over the course of a wind-down process that could take another year.
Founded in 20https://www.businessnewsaustralia.com/17, Volt rose to prominence as one of several challenger banks promising better customer service based on the underpinnings of advanced financial technology, raising $2https://www.businessnewsaustralia.com/19 million over its lifetime including a $https://www.businessnewsaustralia.com/100 million Series E in 202https://www.businessnewsaustralia.com/1 with participation from the Australian Financial Group.
But in June last year the company revealed it could not secure the funding required to continue, and Volt encouraged all customers to withdraw their funds.
“With regret, we are announcing that Volt will be closing its deposit-taking business and intends to return its banking licence,” Volt stated at the time.
“Following the pandemic and the current challenging global economic climate we were unable to secure the funding needed to continue. Our priority now is to ensure account holder funds are returned to account holders as soon as possible.
“Volt will start closing…
