An Australian digital bank has collapsed, leaving 140 employees without a job and 6,000 customers racing to withdraw their money before next week.
Volt Bank announced on Wednesday it was closing its deposit taking business and will return its banking licence after it couldn't raise enough funds to stay afloat.
'Volt has made the difficult decision to close its deposit taking business and has commenced the process of returning all deposits to its account holders,' the neobank's website said.