NEW YORK, and LONDON, and DUBAI, UAE and MEXICO CITY, Aug. 3, 2020 /PRNewswire/ — Volante Technologies Inc., a leading provider of payments and financial messaging solutions in the cloud, today announced that it has raised USD 35M 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, 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.
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.»
Read more about the Volante journey and the company’s future plans in CEO and co-founder Vijay Oddiraju’s blog, «Taking Volante To The Next Level»
About Volante Technologies
Volante Technologies is a global provider of technology and software as a service to accelerate digital transformation and modernization in financial services. Our clients include the world’s largest banks, market infrastructures, exchanges, clearing houses, corporate treasuries, and card networks.
Volante’s ecosystem of business services simplifies and automates complex systems and processes in payments, capital markets, and financial message integration. As a result, our clients are able to stay ahead of emerging market trends, become more competitive, deliver superior customer experiences, and grow their businesses through innovation.
Founded in Silicon Valley in 2001, Volante today serves as a trusted, strategic business partner to over 90 financial institutions in 35 countries.
For further information please visit: www.volantetech.com
About Wavecrest Growth Partners
Based in Boston, Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies. Wavecrest targets investments in profitable, high-growth technology companies with proven business models and brings to bear a unique combination of investing and operating expertise. Wavecrest’s co-founders have three decades of combined investing and operating experience in growth-stage B2B technology companies. For more information, visit wavecrestgrowth.com.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of June 30, 2020, BNY Mellon had $37.3 trillion in assets under custody and/or administration, and $2.0 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
Citi Ventures ignites change and reimagines solutions that drive economic progress for clients. Headquartered in Silicon Valley with offices in San Francisco, New York, London and Tel Aviv, Citi Ventures accelerates discovery of new sources of value by exploring, incubating and investing in new ideas, in partnership with Citi colleagues, our clients and the innovation ecosystem. For more information visit: http://ventures.citi.com/.
About Poste Italiane
Post Italiane is Italy’s largest service infrastructure network, providing postal, financial, insurance, payments, mobile & digital services to households, businesses and public administrations across the Country. For 158 years, with 12,800 Post Offices, 125 thousand employees, € 548 billion total financial assets and almost 35 million customers, Post Italiane has been an integral part of Italy’s social and productive fabric, unparalleled in terms of size, brand awareness, reach and trust. In 2019, the group’s activities generated direct, indirect and induced impact on the Italian economy equal to approximately €12.5 billion GDP.
For further information please visit www.posteitaliane.it/en
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SOURCE Volante Technologies