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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: