“High fives” as Volt gets full licence
“Tears and high fives” swept the office at one of Australia’s biggest challenger banks yesterday, as it was granted its full banking licence (22 January).
Volt Bank was the first digital bank to be given a restricted authorised deposit-taking institution (ADI) licence in May last year from the Australian Prudential Regulation Authority (APRA).
Since that time the team has worked “tirelessly” to put the technology and processes in place to become a fully licenced bank.
With a full licence there are no restrictions on the amount the bank can lend or receive.
CEO Steve Weston said they planned to introduce home loans at the back end of 2019, with mortgage brokers playing a vital role.
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