'It's not the first': Neobank Volt to close and refund $100 million
Sky News Business Editor Ross Greenwood says it would appear Volt's investors have found it hard to justify funding it any further as one of Australia's first neo banks announced it would be closing down.
Digital bank Volt announced it would be returning its banking license to the regulator and refunding more than $100 million in deposits to customers after revealing it had been "unable to secure the funding needed to continue".
"There's been a history in Australia where banks such as Volt have really struggled," Mr Greenwood said.
"Investors, who have got to ultimately fund these things and put more money in, really find it hard to justify it – and that's what appears to have happened in the case of Volt.
"It's not the first."
Digital bank Volt announced it would be returning its banking license to the regulator and refunding more than $100 million in deposits to customers after revealing it had been "unable to secure the funding needed to continue".
"There's been a history in Australia where banks such as Volt have really struggled," Mr Greenwood said.
"Investors, who have got to ultimately fund these things and put more money in, really find it hard to justify it – and that's what appears to have happened in the case of Volt.
"It's not the first."
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