In the fast-paced world of financial technology, success often hinges on innovation and a visionary approach. Tom Greenwood, the Founder and CEO of Volt, has exemplified these qualities throughout his impressive 20-year career in fintech. His journey from Australia to London and his roles at major financial institutions have laid the foundation for his remarkable achievements in the global fintech arena.
Greenwood's educational journey began with a business degree focused on marketing at Swinburne University in Melbourne. Little did he know that this would be the stepping stone to a lifelong career in finance. His first foray into the world of financial services came through telesales at ANZ Bank, one of Australia's leading banks with a strong presence in the Asia-Pacific region.
Reflecting on his early days, Greenwood recalls, "This was my first exposure to financial services." While he found it intriguing, his true calling in finance emerged when he became the General Manager of Europe for AFEX, a significant move that led him to London, where he has resided for 22 years.
In 2005, Greenwood took a leap of faith by co-founding IFX Payments, an initiative that predated the fintech boom. At IFX, he wore many hats, including overseeing product planning, regulatory compliance, operations, legal, and HR as the Chief Operating Officer. IFX Payments initially focused on foreign currency, hedging, risk management, and treasury services, showcasing Greenwood's ability to identify opportunities in the ever-evolving financial landscape.
It was in 2013 that Greenwood's entrepreneurial spirit led him to explore the nascent concept of embedded finance. He spearheaded IFX's ibanq solution, one of the early pioneers in the realm of Banking as a Service (BaaS). Today, ibanq processes over $10 billion annually and stands as one of IFX's flagship offerings.
However, Greenwood's appetite for innovation remained unsatisfied. In 2018, he encountered the Payment Services Directive (PSD2), which mandated open banking for financial institutions. Recognizing the disruptive potential of real-time account-to-account payments, he envisioned a future beyond the Visa and Mastercard duopoly. This epiphany laid the groundwork for Volt.
Greenwood left IFX to pursue his vision for Volt, a concept he had been investigating through feasibility and prospect studies, driven by his unwavering commitment to innovation. In just five years since its inception in 2018, Volt has achieved remarkable success, securing US$60 million in Series B funding led by Institutional Venture Partners (IVP), a testament to the potential of real-time payments and Volt's disruptive approach.
Greenwood's journey from ANZ Bank to the helm of Volt reflects the dynamic and transformative nature of the fintech industry. His ability to spot opportunities, embrace innovation, and build cutting-edge solutions has not only defined his career but has also significantly contributed to the evolution of financial services on a global scale. With Volt's continued growth, Greenwood's legacy as a fintech trailblazer is set to endure, inspiring the next generation of innovators in the industry.