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

Volante Technologies Inc., a Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term-based payment and financial messaging platform, announced on Monday that it has secured $35 million in growth equity financing. This is the first external funding round of the startup.

The round was led by Wavecrest Growth Partners and saw participation from major financial giants. It included BNY Mellon, Citi Ventures, PostePay, and Visa. A recent 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, commented.

“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, as well as penetration into new territories, 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 as he backed up their investment in the startup. “Two years after entering the Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term arena with VolPay, they processed the first U.S. real-time payment.”

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

Volante has been collaborating with its other backers for years now. In fact, the startup has been working with BNY Mellon since 2017 creating and deploying real-time payments. Further, it has teamed up with Citi too, providing a transactional layer across Citi's core payments infrastructure.

With PostePay, it is developing a fresh partnership to enable instant payments for SCT-INST. Moreover, it will offer a transactional gateway to 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.”