Digital bank volt has closed a strategic partnership with PayPal

James Morgan/Destination New South Wales via Getty Images
  • Digital bank startup volt announced a strategic partnership with PayPal.
  • PayPal will enable new customers of volt to log in using their PayPal credentials.
  • volt says this substantially reduces the friction associated with new account creation.

PayPal and volt, the digital bank startup, announced a strategic partnership allowing Australian customers to log in using their PayPal credentials.

This is the first time PayPal has entered into partnership with an Australian-based bank. PayPal has built similar relationships with Citi, Bank of America and Barclays in other countries.

volt, which has the first authorised deposit-taking institution licence in Australia, is a branchless digital bank with the mission to use technology to deliver a better way for people to look after their money.

“Just like PayPal disrupted the payments market, we carry a similar ambition to fundamentally change how banking is done,” says Steve Weston, CEO of volt bank.

“We are building a bank with customers at the centre, and our partnership with PayPal delivers on that by creating a seamless user experience not seen before in Australia.

“volt bank isn’t constrained by legacy systems that have stifled innovation at incumbent banks and as we approach our customer launch, we will continue to show Australians there is a better way to manage their money and achieve their financial goals.”

Mr Weston said engagement with PayPal’s millions of Australian customers brings immediate scale and is one of many innovative partnerships that it will unveil in the coming months.

Libby Roy, Vice President and Managing Director, PayPal Australia, says the company hopes to partner with more Australian organisations.

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