Volante Technologies receives $35m of growth funding from leading international investors to accelerate cloud expansion globally
- 03.08.2020 01:08 pm
Volante Technologies Inc., a leading provider of payments and financial messaging solutions in the cloud, today announced that it has raised $35m USD in growth equity financing led by Wavecrest Growth Partners with strategic participation from BNY Mellon, Citi Ventures, PostePay and Visa Inc.
The capital raise represents the company’s first outside investment after nearly two decades of strong organic growth and profitability. Volante will direct the capital towards accelerating its cloud expansion globally and its reach into new geographies, market segments, and industry verticals.
“We are thrilled to lead the first institutional investment in Volante and partner with its stellar team,” said Vaibhav Nalwaya, Co-Founder and Managing Partner of Wavecrest, who will be joining the Company’s Board of Directors. “Volante has built an impeccable reputation as a fintech that can quickly enter and dominate new markets. Shortly after launching their Volante Designer financial messaging platform, they became providers to some of the world’s largest custodians and exchanges. Two years after entering the payments arena with VolPay, they processed the first U.S. real-time payment. Today, they can count four of the top five corporate banks among their more than one hundred customers.”
“They’ve also rapidly emerged as the leader in cloud-based payments as a service,” added Nalwaya. “With cloud and digital transformation becoming ever more critical for organizations of all types, Volante is perfectly positioned to capitalize on this arc of success. We look forward to accelerating the company’s growth trajectory.”
BNY Mellon and Volante have been collaborating since 2017 on creating and deploying real-time payment capabilities. “We are excited to expand our strategic relationship by investing in Volante,” adds Saket Sharma, Chief Information and Digital Officer for BNY Mellon Treasury services. “This reinforces our commitment to helping our clients leverage best-in-class products and services in their own digital transformations.”
Citi's Treasury and Trade Solutions business has been working with Volante for several years and Volante currently serves as the translation layer across Citi's core payments infrastructure. "Volante's solutions are already an integral part of Citi's payment processing architecture, underpinning the outstanding payments and transaction banking platforms for which Citi is known worldwide," explained Nick Nadgauda, Global Head of Treasury and Trade Solutions Technology at Citi. “Our investment signals our confidence in Volante's technology and we look forward to enhancing our relationship for future engagements.”
PostePay, leading Italian Electronic Money Institution (EMI) and part of the Poste Italiane Group, is partnering with Volante to enable instant payments for SCT-INST as well as to provide a new transactional gateway to traditional interbank networks via their open banking platform.
Mirko Mischiatti, Group Chief Digital, Technology & Operating Officer at Poste Italiane, said: “Our investment in Volante is directly linked to our ‘Deliver 2022’ innovation strategy. VolPay’s cloud-native microservices architecture will allow us to support current and future payment rails on and off the cloud. This will enable us to provide innovative customer experiences for over 14 million Poste Italiane account holders and 28 million cards as we continue to shift away from traditional payment methods to next-generation digital options and account-based payments.”
Vijay Oddiraju, Co-Founder and CEO of Volante, commented: “We started Volante in 2001 with a clear purpose. We wanted to help financial institutions by providing modern solutions to simplify the complexity of their operations and accelerate business outcomes, from capital markets to custody to transaction banking.”
Oddiraju continued: “Today, we process trillions in value and millions of transactions daily for the world’s largest banks, financial institutions, card networks, market infrastructures, and corporations. We plan to invest further in cloud technologies and into other areas of financial services, as well as new industries. The fact that the majority of our strategic investors are clients is a testament to the mutual trust we have built over the years with a wide range of organizations.”