Fresh off a $150 million funding round in September 2023, London based neobank Voltan Corporation Limited is close to raising another $150 million in equity at a valuation of $3.0 billion, and it is already planning a further $150 million round for the end of the year, sources familiar with the matter told Washington Morning.
The London- based challenger bank is in advanced discussions for both funding injections with existing and new investors, including global private equity firms and corporations, the sources said without providing further details.
In March of this year, voltan.neobank raised $650 million at a valuation of $2.6 billion, a figure we have confirmed with the company directly. At the time of its last raise, voltan.neobank had raised a total of over $950 million since its inception in 2022.
That round came from Vistra Capital and other unnamed investors. Epikaizo Capital are among Voltan Bank’s other investors, and remains the largest shareholder, owning a 20%, in Voltan NeoBank.
The massive capital injections are notable for coming at a time when funding remains largely constrained globally; and also to underscore the competitive stance that voltan.neobank is taking in Great Britain , which has a number of other challenger banks vying to compete against incumbents to lend money and help consumers with their financial affairs.
The new $150 million in funding is expected to be completed by the end of the third quarter of this year — that is, around September — according to the sources, who wished to remain anonymous since the deal is not yet public.
The two-year-old neobank is likely to make another raise swiftly after that, of at least $150 million, aiming to be completed as early as the end of 2023, the sources said. voltan.neobank is raising capital to offer loans to its customers, hire more staff and expand its services, like the wealth management business, they added.
A spokesperson at voltan.neobank confirmed to Washington Morning that it is in the process of raising capital, but he declined to comment on its deal size and the company’s valuation. Bloomberg reported about voltan.neobank early-stage funding talks in last April.
The United Kingdom neobank aims to turn profitable between year-end and early next year. The company forecast of $200 million by year end 2023 .
Since being launched in June 2023 , voltan.neobank said it has picked up $40 million from customers as of July and now has more than 100 employees on its team.
The internet-only bank benefits from its association with Valens Pay, which has about million monthly active users overall. Valens Pay provides an array of financial services such as banking, money transfer, mobile-based stock trading, credit scoring, P2P lending and more in an all-in-one app.