LAB3 will also work with Microsoft to develop “Volt 2.0”, which is slated to release next year.
The platform is aimed to allow Volt’s approved business partners to natively provide full-service banking and payments to their own clients. The neobank will also start offering white-label banking, like retailers offering financial services to customers directly or through loyalty programs.
Volt chief executive Steve Weston said, “Volt’s unique platform technology sets us apart from every other neobank in Australia, and positions us for incredible growth well into the future.”
“Operating in such a highly regulated industry and with the goal of becoming a sector leader means we need to partner with the best technology companies globally. From the perspective of scaling our platform, Microsoft ticks all the boxes.”
Volt 2.0 will be hosted on Azure, which will allow the company to expand globally in the future thanks to the cloud platform’s international footprint.
Microsoft Australia managing director Steven Worrall said, “Our strategic partnership with Volt is unique in the Australian neobank sector, and brings the best of our technology, combined engineering skills, and global banking know-how to bear. This lays the foundation for a new generation of financial services and customer experiences.”
“Volt 2.0 has the potential to radically reshape financial services in Australia and globally. Microsoft Azure has been designed with resilience, scalability, security and trust front and centre, making it the natural platform for this sort of mission-critical and transformative application.”
Volt remains in beta with its waitlist clients, with a public launch slated for the coming months.