In a statement the bank said the granting of the licence meant it could offer services to all Australians, removing the limit on the size of deposits it could accept from an individual which was $250,000 until now.
The aggregate amount of deposits it can accept from a single customer, which was $2 million under its restricted banking licence, is now unlimited.
The bank was given a restricted authorised deposit-taking licence in May last year and went live in December, using Swiss banking software provider Temenos' cloud, using the company's T24 core banking, financial crime mitigation and analytics.
"We are buoyed by the overwhelming desire from people to see change and bank in a new way.”
The bank now has 100 employees, has become PayPal's lone Australian banking partner and has also set up an alliance with the ASX-listed Collection House.
The statement said Volt would roll out a full suite of consumer deposit and lending products this year. It also has plans to offer banking services for small business.
Volt has raised $45 million in equity capital so far, through multiple funding rounds.
On Tuesday, the bank also announced Volt Labs, an app-based online community to give customers the chance to offer feedback on designing the bank's products and services.
“Volt Bank is delighted to be the first bank to receive an ADI licence under the Federal Government’s banking innovation and competitiveness regime," said Weston. "This milestone is testament to the calibre of our team and the strength of our vision. We are committed to showing Australians that banking can be done in a simpler and better way.
“Against the backdrop of systematic failures and breaches of trust by incumbent banks, our mission is simple; to empower people and make financial services easier. It’s about giving Australians a fundamentally different banking experience, one that is honest and fair.
“We are building a bank that works tirelessly for our customers and their money. We can do this by being digital only and smartphone led, focusing on removing the ‘speed bumps’ too often experienced by Australians, like lengthy waiting times and excessive fees.
“We will roll out cutting-edge technologies, embrace data and analytics and create a highly personalised offer that can be tailored to the specific needs of individuals.”