Volt and Cotton On secure partnership

  • By Kate Weber

Neobank Volt announced a partnership with retail giant Cotton On to spread financial literacy in an Australian first between a neobank and a major retailer. 

Cotton On, which counts Supré, Typo and Rubi as some of their brands, released plans introduced to the Volt Savings Challenge to Cotton On Perks member in an effort to help them create better financial habits. 

The Volt Savings Challenge encourages customers to set targets and sends gentle reminders for weekly saving, tracking their progress over a 6-week period by which time the savings ‘habit’ should be embedded behaviour.

According to Volt there will be more partnerships announced in the coming months with an expected 10+ partners to be working with Volt in 2020.

The announcement follows earlier this year when Volt stated they would be announcing a number of joint ventures that “will raise eyebrows”.

At this stage, the focus is on savings habits and the transformation that habitual change can make for financial wellbeing.

Volt is hoping to the partnership will put both companies at the front of digital innovation in the retail banking sector and taking an important step to support the financial literacy and good spending and saving habits of millennials.

CEO and co-founder of Volt, Steve Weston said Volt and the Cotton On Group are built upon a foundation of delivering great value to customers.

“A foundation that starts with a commitment to genuinely solve customer pain points whilst dealing ethically and transparently with customers, staff, and suppliers.  

“We feel really comfortable partnering with a company that’s as customer-focused as we are.

“The partnership will help us continue to show millions of Australians how to quickly develop and improve their savings and spending habits with Volt. 

“We recently introduced to our waitlist a “no catches” 2.15 per cent variable interest rate, which complements our savings challenges that are designed to help people become financially healthy and masters of their own money.

“We look forward to bringing this experience to many more Australians in the coming years,” Weston concluded.

General manager for e-commerce at the Cotton On Group, Brendan Sweeney said partnership will bring “a roadmap of innovation and value to customers in Australia” through banking services designed with millennials in mind. 

“Our millennial team and customers are highly engaged, digital-first and have told us that they are looking for trusted partners who can help them achieve their financial goals,” said Sweeney.

“We really like the Volt approach of simplicity, trust, and great value coupled with a digital customer experience designed to help customers understand their finances and achieve their goals. 

“We look forward to making the Volt experience available to our team members and customers over the coming months.” 

Recently, Weston spoke about Volt’s plans to introduce innovation including intentions about releasing mortgages as well as a focus on small business banking. 

Volt already has shares partnerships with payment providers PayPal, Verrency and wealth management platform Spitfire.