US-based digital payment technology producer Volante Technologies received $35m in equity financing on Monday from investors including financial services firms BNY Mellon and Citi and payment service providers PostePay and Visa.
Growth equity firm Wavecrest Growth Partners led the round while Citi participated through strategic investment arm Citi Ventures. PostePay is a subsidiary of postal service Poste Italiane.
Founded in 2001, Volante provides software that helps banks, financial exchange operators, payment card networks, clearing houses and large businesses modernise and digitise their payment infrastructure.
Volante was already partnering BNY Mellon on the development of real-time payment systems. Citi’s Treasury and trade solutions department is also working with the company and its technology is used throughout the bank’s payment framework.
Nick Nadgauda, Citi’s head of treasury and trade solutions technology, said: “Volante’s solutions are already an integral part of Citi’s payment processing architecture, underpinning the outstanding payments and transaction banking platforms for which Citi is known worldwide.
“Our investment signals our confidence in Volante’s technology and we look forward to enhancing our relationship for future engagements.”
Volante has not disclosed details of any earlier financing. The latest capital will support its expansion into new service areas and countries.
