Australia's first neobank, Volt Bank Ltd, said on Wednesday it was shutting down its deposit taking business, returning its banking licence and reducing staff numbers after unsuccessful capital raising initiatives.
Mortgage broking firm Australian Finance Group last year had secured about 8 per cent stake in Volt worth A$15 million, local media had reported https://www.afr.com/street-talk/volt-bank-pitches-investors-for-200m-series-f-raising-20220201-p59suh in February. AFG did not immediately respond to a Reuters request for comment.