Volt, a UK-based fintech company that provides a global real-time payments platform, has announced its expansion into Australia, following a successful $60m funding round and entry into the South American market via Brazil earlier this year.

The company, which was founded in 2019, has integrated its gateway with PayTo, an Australian digital payment platform that enables consumers to authorise and control payments directly from their bank account.

Volt’s technology allows merchants and payment service providers (PSPs) to process transactions securely between accounts held at more than 5,000 banks in the UK, the EU and Brazil.

Volt’s first merchant in Australia is Megatix, one of the country’s fastest growing ticketing platforms, which partners with some of Australia’s most high profile events and venues.

Megatix customers can now select ‘Instant Bank Transfer’ as a payment option at checkout, which offers a more secure, fast and seamless payment experience, as well as reducing costly credit card fees and chargebacks for vendors.

Tom Greenwood, Founder and CEO of Volt, said: “I am incredibly excited to finally introduce our technology to the Australian market and begin our journey into the APAC region.

Our goal at Volt is to revolutionise the payments sector and create a solution that significantly benefits not only merchants who use our technology but their customers as well.”

Roshan Odhavji, CEO of Megatix, added: “Our goal is to be at the forefront when it comes to creating an innovative ticketing platform and we have found the perfect payment technology partner in Volt to do just that. With Volt’s industry leading real-time payment capabilities, we’re now able to offer our customers a slick checkout experience, and be the first in the market to do so.”

Australia is the second leading market in the adoption of new payments technology, following China, according to a recent report from Cognizant. Juniper Research also reported that the value of open banking payments will reach $330bn globally by 2027.