Baker McKenzie successfully acted for volt bank in being granted the first ever restricted banking licence under the Federal Government innovation agenda. The Australian Prudential Regulation Authority (APRA) granted the restricted authorised deposit-taking institution (RADI) licence to create greater competition in the domestic banking sector.
Baker McKenzie head of Financial Services and Funds in Australia, Bill Fuggle stated: "We were delighted to act for our client, volt bank, in what is clearly a game changer for both our client and the industry more broadly."
Bill further stated: "The introduction of the RADI licensing framework provides an opportunity for entrants to mobilise powerful technologies, such as facial recognition technology, to provide seamless and personalised banking experiences, while simultaneously creating a framework in which consumers can be adequately protected."
volt bank will be a digital bank that aims to support Australians on their financial journeys. Whether switching from an incumbent provider, receiving real time insights on spending habits or finding
a competitive home loan, every experience will be mobile led.
volt bank is the first bank to have been granted a RADI licence and the first new retail focused bank licensed since the early 2000s. To date volt has raised $15.7 million in equity capital via three funding rounds.