Volante secures $66 million investment to advance instant payments in the US and Europe

Volante Technologies, renowned for its cloud payment modernization, has garnered $66 million through a mix of debt and equity.

This funding round, led by Sixth Street Growth, also saw contributions from Wavecrest Growth Partners and Wells Fargo Strategic Capital, marking a significant milestone in Volante’s journey.

Fundraiser pushes total external investment to $116 million

The fresh capital inflow builds on previous investments from notable entities like BNY Mellon, Citi, and Visa Ventures, among others, pushing total external investment to $116 million. Volante’s strategic partnerships underscore its commitment to pioneering payment modernization and low-code platforms, offering a robust response to the evolving needs of the financial sector.

This investment cycle signals strong confidence in Volante’s competitive edge and its positioning to capitalize on the burgeoning market opportunities. Acknowledgment from Sixth Street Growth highlights Volante’s leading role in facilitating swift transitions to innovative payment systems for financial institutions grappling with outdated legacy systems.

Volante’s CEO, Vijay Oddiraju, emphasized that the investment will expedite their product development, focusing on global real-time payments and ISO 20022 modernization efforts. Furthermore, it aims to broaden their Payments as a Service reach, especially targeting mid-tier banks in the U.S. and Europe as they adopt modern payment technologies driven by systems like FedNow Instant Payments and SEPA Instant Payments.

This latest round follows earlier funding milestones, including repeat participation from Wavecrest and Wells Fargo Strategic Capital and investment from BNY Mellon, Citi, Poste Italiane, and Visa Ventures, bringing the total outside investment in the company to $116 million.

Volante’s PaaS and low-code platform for FedNow, Clearing House RTP, SEPA

Nari Ansari, Managing Director at Sixth Street Growth, said, “Volante provides the fastest on-ramp to payments innovation for financial businesses seeking to modernize legacy systems, and Volante’s Payments as a Service and underlying low-code payments platform offers a compelling value proposition.”

“With financial institutions increasingly prioritizing both investment in payments modernization 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 capitalize on the growth opportunity and further outpace their competitors.”

Vaibhav Nalwaya, Managing Partner, Wavecrest Growth Partners, added, “We led Volante’s first-ever growth capital funding round in 2020. Since then, the company has steadily built on its early momentum, as evidenced by taking the top spot in IBS Intelligence’s annual Wholesale Payments League Table for an unprecedented three years. We are pleased to have participated in this latest financing round and look forward to supporting them through their next growth phase.”

Vijay Oddiraju, CEO, Volante Technologies, commented, “We welcome Sixth Street Growth and its deep expertise supporting the growth of payments and fintech businesses to Volante. This latest investment will further accelerate our product roadmap for our customers, particularly in global real-time payments, UK New Payments Architecture (NPA), and domestic and cross-border ISO 20022 modernization.”

“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 U.S. and Europe where FedNow Instant Payments, The Clearing House RTP, and SEPA Instant Payments, respectively, are driving the adoption of modern payments technology.”