Volt Bank

volt Bank Limited
Unlisted public company
Traded as volt Bank
Industry Banking, Financial services
Founded 2017
Headquarters Sydney, Australia
Key people
  • Steve Weston (CEO)
  • Luke Bunbury (Deputy CEO)
  • Lucy (Mascot)
Website

Volt Bank is Australia's first digital or neobank.[1][2]

Volt Bank Limited is an APRA regulated Australian restricted authorised deposit-taking institution (RADI), headquartered in Sydney, Australia. It was cofounded by Steve Weston and Luke Bunbury.[3]

Volt Bank is the first company to be granted a licence under APRA's RADI licensing framework.[4]

History

The banking regulator, APRA, created the RADI[5] licensing framework to encourage new entrants and competition to the existing banking system.[6]

Volt Bank was issued with a RADI licence on 7 May 2018, the first organisation to obtain the licence.[7] It is the first completely new start up to be licensed as retail bank entrant in the Australian market since the Australian Bank in February 1981.[8][9]

See also

References

  1. ↑ Moullakis, Joyce (8 May 2018). "APRA grants first local digital licence to volt bank". AFR. Retrieved 10 May 2018.
  2. ↑ Duran, Paulina. "Australia grants first banking license to online startup". Reuters. Retrieved 11 May 2018.
  3. ↑ Baldassarre, Gina. "Digital bank Volt secures restricted authorised deposit-taking institution licence". StartUp Daily. Retrieved 11 May 2018.
  4. ↑ Pash, Chris. "Digital startup volt just got Australia's first restricted banking licence". Business Insider Australia. Business Insider Australia. Retrieved 11 May 2018.
  5. ↑ "APRA finalises new Restricted ADI licensing framework". APRA. Retrieved 11 May 2018.
  6. ↑ "APRA consults on changes to authorising new entrants to banking industry". APRA. Retrieved 11 May 2018.
  7. ↑ "APRA authorises Restricted ADI". APRA. Retrieved 11 May 2018.
  8. ↑ "SUBMISSION TO THE HOUSE OF REPRESENTATIVES STANDING COMMITTEE ON FINANCE AND PUBLIC ADMINISTRATION" (PDF). Reserve Bank of Australia. Retrieved 12 May 2018.
  9. ↑ "Submission to the Inquiry into the Australian Banking Industry Appendix 2: Australian Banks – 1980 to 1990". Reserve Bank of Australia. Retrieved 12 May 2018.
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