Australian neobank Volt has partnered with open banking platform Frollo to launch a Banking-as-a-Service (BaaS) app.
Volt CEO Steve Weston
The app will be fully integrated with Volt’s core banking system and can be utilised as a white-label solution for Volt’s BaaS customers, the first of which will be Australian Finance Group (AFG).
Volt says the new offering will allow AFG customers to see and manage their home loan products, open and manage a Volt savings account, make payments and manage a Volt debit card from the app.
The digital bank secured an extended Series E funding round worth AUD 15 million from mortgage firm AFG in June.
The investment arrived alongside a partnership deal and saw AFG obtain an 8% stake in Volt.
Volt will also become the first lender to utilise Frollo’s Financial Passport, which automates lending decisions based on a real-time assessment of the borrower’s financial health.
The neobank says the app will offer a range open banking features including the ability to link accounts from more than 80 other financial institutions and AI-categorised transactions. Its former consumer app will also be updated with the new build.
Volt founder and CEO Steve Weston says the move to partner with Frollo was “the obvious choice” following a number of collaborations in the past.
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