Volt Bank
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Volt Bank was an Australian digital bank offering deposit-taking services.
02 / Volt Bank FAILURE REASONS
Failure reasons
The company could not secure its planned capital raise amid weakening financial markets. It chose to leave banking, return customer deposits and surrender its licence; customer deposits returned are not treated as company losses.
03 / EVENT HISTORY
Events in the structured record
- Exit from banking announced
On 29 June the company began returning deposits and announced its intention to hand back the licence.
- Deposit return completed
On 25 July the regulator confirmed deposit returns and transfer of the remaining accounts to another bank.
- Banking licence revoked
A 1 September regulator announcement confirmed revocation of the deposit-taking licence.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Planned capital raise could not be secured
- 02
Company chose to exit banking
- 03
Deposits returned or transferred
- 04
Banking licence surrendered and revoked