Volante Technologies raises USD 66 million in investment round

With participation from Wavecrest Growth Partners and Wells Fargo Strategic Capital, the funding comes as an addition to earlier rounds in which the company received investments from BNY Mellon, Citi, Poste Italiene, and Visa Ventures. The newly acquired funds bring the total outside investment in the company to USD 116 million.

According to Sixth Street Growth’s officials, financial institutions are starting to prioritise both investments in payments modernisation and partnerships with fintech companies, making it the ideal time to expand Volante’s reach. The company invested in Volante Technologies due to its position to capitalise on the expansion opportunity and to combat the challenges that legacy systems bring to financial institutions.

Representatives from Volante stated that the new investment is intended to further accelerate the company’s product roadmap for its customers, especially in global real-time payments, UK New Payments Architecture (NPA), and domestic and cross-border ISO 20022 modernisation. Moreover, the funds allow Volante to further expand the reach of its Payments-as-a-Service offering into the mid-tier bank segments, specifically in the US and Europe where FedNow Instant Payments, The Clearing House, and SEPA Instant Payments are increasing the adoption of modern payments technology. 

As a cloud payments modernisation partner to financial businesses worldwide, Volante Technologies aims to accelerate the growth and innovation of enterprises. The company’s Payments-as-a-Service and low-code platform processes millions of transactions daily by managing the technological part of businesses. At the beginning of July 2023, Volante Technologies extended its partnership with KPMG to develop an ISO 20022 maturity model to support PSPs in assessing ISO adoption readiness. Since the beginning of their collaboration, the two companies created maturity models to deliver a survey that helps determine bank readiness to process ISO 20022-based messages and meet the industry requirements.

A month before, Volante Technology introduced Embedded Preprocessing, a solution for banks to adapt, improve customer service, and increase business growth. At that time, the solution was integrated into the operations of a South African financial institution and regional business bank in the US. Volante’s Embedded Preprocessing solution was intended to address the issues that banks face when launching additional capabilities and payment channels by allowing them to modernise their payment infrastructure without replacing existing systems.