Barclays welcomes back Steve Weston as head of everyday money management
Steve Weston, founder of the now-defunct Aussie challenger Volt Bank, has reunited with his former employer, UK banking giant Barclays, having been appointed as its new head of everyday money management.
Steve Weston rejoins Barclays (Image: LinkedIn)
Weston first joined the bank in April 2012, heading its provision of mortgages and personal loans in the UK as managing director of retail lending.
Having served this role for two years, he ascended to the position of CEO of Barclays’ mortgage business, a position he maintained until the end of 2015.
Leveraging the extensive experience he accumulated at Barclays, alongside previous management positions at non-bank lender Challenger Life and National Australia Bank, Weston joined hands with former Citi executive Luke Bunbury to found Volt in mid-2017.
Based in Sydney and powered by Temenos’ core banking system, T24, the digital bank landed a restricted banking licence from the Australian Prudential Regulation Authority (APRA) in May 2018, before going on to become the first of its kind to acquire a full banking licence the following January.
Partnering with the likes of PayPal, Cotton On and Frollo, Volt once sported a valuation of $285 million, with its final Series E round garnering around $24.5 million in funding. At one point, it had also toyed with the idea of triggering an initial public offering.
Despite its seemingly strong financial standing, the challenger announced in June 2022 its decision to shutter its operations completely, citing a lack of sufficient funds as the primary catalyst behind the move.
Weston has now re-established his connection with Barclays and has been tasked with leading its everyday money management team across credit cards, current accounts, payments and personal loans.
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