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.