Neobank partners with wealth management platform

The new partnership aims to form a “technology alliance” so that customers banking with Volt neobank – Australia’s most recent bank and first to receive an authorised deposit-taking institution (ADI) licence by the Australian Prudential Regulation Authority (APRA) – that also manage their investments with Spitfire will be able to access the neobank’s soon-to-be launched deposit products and view them all within a single portal.

Under the new portal, users taking advantage of both the bank and wealth management platform will therefore be able to view their deposits, and view and trade global assets, connecting Australian investors to an array of offshore yield options in real time.

The announcement precedes the launch of Volt’s deposit products, which are expected to launch in the coming months.

Volt co-founder and CEO Steve Weston said: “Spitfire and Volt share an ambition to improve their customers’ lives through technology. This partnership will contribute to a seamless and transparent investment experience and better connect Australians to international opportunities.”

Meanwhile, David Storm, head of distribution at Spitfire, said the new “cloud native platform will deliver unmatched transparency, flexibility and functionality to Volt’s customers in a secure environment.”

“This partnership is a tremendous step in bringing wealth management into the 21st century and in allowing planners and advisers to act in the best interests of their customers,” Mr Storm said.

Volt Bank has said it will progressively roll out a full suite of consumer deposit and lending products during 2019 and, commencing in 2020, Volt Bank also intends to offer small business banking services.

[Related: Challenger bank gains full ADI licence]