New York-based fintech startup Volante raises $35 million in growth funding to accelerate cloud expansion globally
Volante Technologies, a New York City-based fintech startup and a provider of payments and financial messaging solutions in the cloud, announced today it has raised 35 million in growth equity financing to accelerate its cloud expansion globally and its reach into new geographies, market segments, and industry verticals. The equity round was led by Wavecrest Growth Partners with strategic participation from BNY Mellon, Citi Ventures, PostePay and Visa Inc.
Founded in 2001 by Uday Thakur, Venkat Malla, and Vijay Oddiraju, Volante is focused on addressing the challenges of financial message integration and payments on-boarding, processing and orchestration. With a broad range of over 85 financial institutions and corporates as clients in 26 countries they provide the business agility needed to be competitive and thrive in the digital payments age by quickly dealing with the complexities of change, and taking advantage of business opportunities as they arise. Today, Volante is used by over 90 financial institutions in 35 countries.
“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.”
Volante Technologies is a global provider of technology and software as a service to accelerate digital transformation and modernization in financial services. Its clients also include the world’s largest banks, market infrastructures, exchanges, clearing houses, corporate treasuries, and card networks.
“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.”
Volante’s ecosystem of business services simplifies and automates complex systems and processes in payments, capital markets, and financial message integration. PostePay, a 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.
“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.”