The funding marks the company’s first outside investment in nearly two decades of its operations
Volante Technologies, a provider of payments and financial messaging solutions, has secured $35m in growth equity financing, to support its cloud transformation and global expansion.
Led by Wavecrest Growth Partners, an investment firm focused on technology companies, the funding round also saw participation of BNY Mellon, Citi Ventures, PostePay and Visa.
Volante said that the funding marks its first outside investment after nearly two decades of its operations.
The company intends to use proceeds from the financing to accelerate its cloud expansion and entry into new geographies, markets, and industry verticals.
Volante initially collaborated with BNY Mellon in 2017
As part of the transaction, Wavecrest co-founder and managing partner Vaibhav Nalwaya will be appointed as a director in Volante’s Board.
Volante has initially collaborated with BNY Mellon in 2017, and the companies are working together on creating and deploying real-time payment capabilities.
The company has also been working with Citi’s Treasury and Trade Solutions business since many years, and is currently serving as the translation layer across Citi’s core payments infrastructure.
Furthermore, Volante is partnering with PostePay, an Italian Electronic Money Institution (EMI), to support the instant payments for SCT-INST, and offer a new transactional gateway to traditional interbank networks through an open banking platform.
Citi treasury and trade solutions technology global head Nick Nadgauda said: “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.
“Our investment signals our confidence in Volante’s technology and we look forward to enhancing our relationship for future engagements.”