Volt, an open banking fintech for payments and more, raises $60M at a $350M+ valuation

Open banking — where traditional banks enable payments and other new services by way of APIs that give access to financial data previously locked up in their systems — has led to a rush of startups looking to build the links to make it a reality. On Wednesday one of the hopefuls in open banking — Volt out of the UK — is announcing a significant round of funding, a sign of growing activity and confidence in the space.

The company has raised $60 million in a Series B round funding, money it will be using for international expansion and to expand its product. The company currently is active in the UK, Europe and Brazil, regions that have put some open banking structure in place and are seeing a number of banks moving to build and enable APIs. Altogether, there are some 70 countries that now have open banking, account-to-account structures in place, but there is little in the way of harmonization in standards, giving companies like Volt an opportunity to build out international payments that work across those borders.

 

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