Volante Technologies secures $66 million in latest funding round
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Volante Technologies secures $66 million in latest funding round 08 November 2023UK Reporter: Jenna Lomax
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Global payments company Volante Technologies has secured US$66 million in debt and equity financing in an investment round led by Sixth Street Growth, the technology investing arm of Sixth Street.
This latest round follows earlier funding from Wavecrest and Wells Fargo Strategic Capital as well as BNY Mellon, Citi, Poste Italiane and Visa Ventures — bringing the total outside investment in the company to US$116 million.
Wavecrest Growth Partners and Wells Fargo Strategic Capital also participated in this particular investment round.
This year, Volante Technologies has expanded its partnership with KPMG, developing a maturity model for payment service providers to determine banks’ readiness to process ISO 20022 messages and meet industry mandates. The global payments company has also widened its Embedded Preprocessing platform which helps banks validate, transform and route their payments messages.
Commenting on the investment funding round, Vijay Oddiraju, CEO of Volante Technologies, comments: “This latest investment will further accelerate our product roadmap for our customers, particularly in global real-time payments, UK new payments architecture and domestic and cross-border ISO 20022 modernisation.”
“It will also allow us to expand the reach of our Payments as a Service offering further into the mid-tier bank segment, especially in the US and Europe where FedNowTM Instant Payments, The Clearing House RTP and SEPA Instant Payments are driving the adoption of modern payments technology.”
Nari Ansari, managing director at Sixth Street Growth, says: “With financial institutions increasingly prioritising both investment in payments modernisation and partnerships with fintech companies, this is an ideal time to expand Volante’s reach.
“We are investing in Volante because we are confident they have a clear advantage over legacy providers and challengers and are best positioned to capitalise on the growth opportunity and further outpace their competitors.”
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