Company Information

Get to know Volt Bank

Volt Bank was an Australian digital bank, often referred to as a neobank, that aimed to disrupt the traditional banking sector with a mobile-first approach. Founded in 2017, it became the first such institution to be granted a full Authorised Deposit-taking Institution (ADI) license by the Australian Prudential Regulation Authority (APRA) in January 2019. The bank's mission was to offer simpler, more transparent, and customer-centric banking services, starting with savings accounts and planning to expand into other products. However, after facing significant challenges in raising sufficient capital in a difficult market, Volt Bank announced in June 2022 that it would be closing its business, ceasing its deposit-taking operations, and returning all funds to its customers under APRA's supervision.

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Volt Bank

Australia

Founded in

2017 (9 Years)

Founded

Last online: No recent activity

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FTD LIMITED

(505 reviews)

British Virgin Islands

2017

(9 years)

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A Grade License

Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.

B Grade License

Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.

C Grade License

Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.

D Grade License

From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.

TrustFinance is not a licensed financial advisor and is not affiliated with any financial institutions in your region. We encourage you to do your own research before making any investment decisions.