An inductorless DC to DC converter comprises an input for connection to a DC supply and an output for connection to a DC load. A first capacitor is connected across one of the input and the output. A plurality of second capacitors are connected in series across the other of the input and the output. The first capacitor and the second capacitors are of equal capacitance. A plurality of switch circuits are provided, one for each second capacitor. Each switch circuit is connected across the first capacitor and one of the second capacitors. A control circuit controls operation of the plurality of switch circuits to momentarily place each second capacitor alternately across the first capacitor to transfer voltage therebetween to selectively step-down or step-up voltage of the DC supply to the DC load.
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