Fintech Startup Volante Banks $35 Million from BNY Mellon, Citi

Source: Finance Magnates 2020-08-04

Volante Technologies Inc., a cloud-based payments and financial messaging platform, has announced on Monday that it secured $35 million in growth equity financing, the first external funding round of the startup.

The round was led by Wavecrest Growth Partners and saw participation from major financial giants, including BNY Mellon, Citi Ventures, PostePay, and Visa, the press release shared with Finance Magnates detailed.

“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,” Vijay Oddiraju, co-founder and CEO of Volante, said.

“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.”

Major expansion plans

The fresh proceeds will be utilized in the acceleration of its global cloud expansion and its penetration into new geographies, market segments, and industry vertices.

“Shortly after launching their Volante Designer financial messaging platform, they became providers to some of the world’s largest custodians and exchanges,” Vaibhav Nalwaya, co-founder and managing partner of Wavecrest, said backing their investment into the startup. “Two years after entering the payments arena with VolPay, they processed the first U.S. real-time payment.”

Nalwaya will also sit on the board of directors of the fintech startup.

Volante is also collaborating with its other backers for years now. In fact, the startup is collaborating with BNY Mellon since 2017 on creating and deploying real-time payments. The startup has been working with Citi too, providing a transactional layer across Citi’s core payments infrastructure.

With PostePay, it is inking a fresh partnership to enable instant payments for SCT-INST and providing a transactional gateway to the traditional banking networks.

“VolPay’s cloud-native microservices architecture will allow us to support current and future payment rails on and off the cloud,” Mirko Mischiatti, group chief digital, technology & operating officer at Poste Italiane, added. “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.”

Volante Technologies

Fintech Startup Volante Banks $35 Million from BNY Mellon, Citi

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