Investments

Volante Nets $35M To Expand Cloud Tech

Volante Technologies, which works in cloud payment processing, announced a $35 million growth equity funding round led by Wavecrest Growth Partners, according to a press release.

The round was also financed by strategic participation from BNY Mellon, Citi Ventures, PostePay and Visa Inc, the release added.

This is the first time the company has gotten an outside investment after almost 20 years of business. The company plans to use the funds to speed up its expansion of cloud technology around the globe as well as market segments and industry verticals.

Vijay Oddiraju, co-founder and CEO of Volante, said the company's goal was 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."

Vaibhav Nalwaya, co-founder and managing partner of Wavecrest, said the investment from his company made sense because of Volante's work in cloud-based payments, which are becoming more commonplace as the pandemic necessitated a switch to digital business.

Volante has also been collaborating with BNY Mellon since 2017 on real-time payment capabilities. And Volante has worked with Citi for several years, acting as the company's transition layer for its core payment infrastructure.

Saket Sharma, chief information and digital officer for BNY Mellon Treasury services, said the partnership would hopefully help clients with the kinds of digital transformations needed in today's economy.

Italian Electronic Money Institution (EMI) PostePay, which is part of the Poste Italiane Group, is partnering with Volante to establish instant payments for SCT-INST, and its open banking platform will help make a new transactional gateway for interbank networks. The partnership is part of PostePay's "Deliver 2022" strategy, according to Mirko Mischiatti, group chief digital, technology and operating officer at Poste Italiane. He said the idea was to help support payment rails on and off the cloud.

Last year, Volante expanded its services in the U.S. through new corporate-to-bank connectivity, with more onboarding support and technology for cross-border payments, PYMNTS reported.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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