Volt Exits Banking Sector; Will Return License, Funds

Australian challenger bank Volt is returning more than $100 million to its estimated 6,000 customers next week and handing its banking license back to regulators after the FinTech startup failed to raise enough capital to keep growing. The startup said it had enough liquid funds to return the deposits without having to lean on the support of the Australian government’s deposit guarantee insurance, which protects savings up to AUD$250,000.