Australian digital start-up Volt Bank has tapped PayPal Holdings Inc. to make it easier for new customers to join the bank, The Australian Financial Review reported Oct. 9, citing bank co-founder Luke Bunbury.
Under the partnership, PayPal customers will be able use their existing PayPal account to sign up with the bank. This would essentially cut a couple of steps for new customers and reduce paperwork, Bunbury said.
Volt Bank issued debit and credit cards will also be linked to PayPal.
In May, the Australian Prudential Regulation Authority granted the company a restricted banking license. The company hopes to get a full license by the end of the year, and start offering term and savings deposit products in the first quarter of 2019.
The partnership is the first between PayPal and an Australian bank, the report added.