Open payments gateway Volt has raked in $23.5m in a Series A funding round led by EQT Ventures.

The investment round is claimed to be the largest Series A to date for the open banking industry.

It was joined by existing investors Augmentum Fintech and Fuel Ventures. Angel investors, including Adyen co-founder Robert Kraal and FIS Worldpay group president Gabriel de Montessus, also participated.

Volt plans to use the fresh capital to expand into new geographies and bolster its global instant payments presence.

Commenting on the fundraising, Volt CEO Tom Greenwood said: “Instant payments are set to dominate the global payments landscape and will become the new normal.

“It’s an exciting time to be in payments, and we are delighted to have secured such a significant funding round, and the backing of an influential group of investors. We look forward to working with our new partners at EQT Ventures as we build out our global vision.”

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Established in 2019, Volt provides access to open banking payments in Europe.

Its open payments gateway is said to enable merchants and PSPs to process transactions between accounts at over 5,000 banks across the UK and EU.

EQT Ventures partner Tom Mendoza said: “Volt’s team of payments experts are creating meaningful change and building a new category in instant payments, forging the path by bringing new real-time networks to a single switch. We are delighted to be working with Tom and the team.”

In April this year, the firm launched a new cash management functionality.

It offers merchants and payment service providers with complete visibility of open banking payments made via the UK’s Faster Payments Service and the European SEPA Credit Transfer and SEPA Instant Credit Transfer schemes.

The same month, Dutch challenger bunq partnered with Volt to deliver a faster and more efficient way for customers to fund their accounts.