volt bank receives Australia’s first restricted ADI licence

Grant Thornton Australia is proud to have supported volt bank Limited (volt bank), in attaining Australia’s first restricted ADI (Authorised Deposit Taking Institution) licence to be issued by the Australian Prudential and Regulatory Association (APRA).

volt bank is the first new retail-focused bank licenced since the early 2000s and intends to bring competition to Australia’s banking sector by being customer-centric and smartphone-led. 

Grant Thornton head of financial services Madeleine Mattera said Grant Thornton is proud to have supported volt bank to reach this important milestone and looks forward to playing an integral part in the company’s transition to a full ADI licence and beyond.

“The entry of new players such as volt bank will enable increased competition and provide a greater focus on the customer within the sector,” said Ms Mattera. 

“The announcement comes at an important time for the industry, with the current Royal Commission generating negative commentary towards the major players.

“Providing opportunities for non-traditional banks will have broad positive implications for the Australian economy due the associated investment in technology.”

volt bank co-founder and CEO Steve Weston said, this is an exciting time for volt bank and the Australian banking sector.

“We believe we can provide Australians with a strong alternative to traditional banks and will do everything we can to repair trust across the sector,” said Mr Weston.

Subject to volt bank transitioning to a full ADI licence, saving accounts, transaction accounts, term deposits and foreign exchange will be the first products it will make available to customers. This will be followed by personal loans, mortgages, credit cards and in the longer term, small business banking products.

-ENDS-

For more information visit: www.voltbank.com.au. 

For more information, please contact:

Karen Kalkaus
BSS Communications Group

P 07 3221 6711
M 0438 717 658
E kkalkaus@bbscommunications.com.au

About Grant Thornton Australia Limited
Grant Thornton is one of the world's leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, forward looking advice. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public sector clients and help them to find solutions.

Grant Thornton Australia has more than 1,200 people working in offices in Adelaide, Brisbane, Cairns, Melbourne, Perth and Sydney. We combine service breadth, depth of expertise and industry insight with an approachable “client first” mindset and a broad commercial perspective.

More than 40,000 Grant Thornton people, across over 130 countries, are focused on making a difference to clients, colleagues and the communities in which we live and work. Through this membership, we access global resources and methodologies that enable us to deliver consistently high quality outcomes for owners and key executives in our clients.