London-based Volt, which offers open banking APIs in the UK, Europe, and Brazil, raised a $60M Series B led by IVP, a source says at a $350M+ valuation
Context & Ripple Effects
Volt's raise slots into a crowded London corridor of bank-connectivity infrastructure: TrueLayer raised $130M at a $1B+ valuation in 2021 on essentially the same premise of letting apps plug into customers' bank accounts, and Token.io followed with a $40M Series C for account-to-account payments in 2022.
The striking number is the valuation gap — Volt's reported $350M+ against TrueLayer's billion-dollar-plus mark two years earlier — which reads as the 2021 open-banking premium repriced into a harder funding market. IVP leading the round suggests US growth-stage capital is still willing to underwrite the category, but at materially lower marks.
First-order effects
- Volt gets $60M to push its API coverage across the UK, Europe, and Brazil, with IVP taking a lead position at a reported $350M+ valuation.
Second-order effects
- TrueLayer and Token.io now face a better-capitalized direct rival in account-to-account connectivity, likely pressuring integration pricing and merchant wins across their shared UK/Europe footprint.
Third-order effects
- If the pattern holds, London open-banking infrastructure consolidates around a few well-funded API providers, with Latin America (Brazil) as the expansion valve where the 2021-era European players have less entrenched competition.
The trend: Open banking API providers are raising again after the 2021 peak, but at valuations roughly a third of their predecessors' — with capital pushing them toward new geographies rather than richer marks.