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Volt’s spark fizzles out: Neobank closes with $113m in deposits


Customers of neobank Volt have been asked to withdraw all funds from their bank accounts before 5 July after the company today made the “difficult decision” to close down as it cannot secure the funding needed to continue.


With $113 million in deposits as of April - a number that pales in comparison to $219 million raised over its history - the announcement from Sydney-based Volt comes 19 months after competitor Xinja went down a similar path, demonstrating the complexity of delivering the challenger bank vision.


Volt was founded in 2017 - the same year that the banking Royal Commission kicked off, revealing practices from the Big Four Banks that sparked public disdain and desire from consumers to give new financial players a go.


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