Volt AMps it up
The deal is mainly scrip, with the value not disclosed.
Volt and AM expect turnaround timeless on approvals to be in minutes and best in class in the Australian market.
Kym Dalton, CEO of AM,will remain with the bank ,while Graham Anderson, the founder of AM is now heas of wholesale funding at Volt.
Volt has so far raised around $190 million is capital. Steve Weston, the bank's CEO, told Banking Day Volt is targeting break-even by late 2022.
Basic transactionds banking services are in pilot, but may not be opened to the market at large until early next year.