Volante Technologies, a cloud pay and financial messaging firm, announced in a Wednesday (Oct. 20) press release that it received $10 million in growth funding from Wells Fargo Strategic Capital. This brings the total institutional investment for the company up to $45 million.
The investment comes as Volante had what it called in the release a “banner year” in 2020, including a doubling of net new logo signings and closings of 50 sales transactions with marquee customers that included multinational banks, global asset managers, stock exchanges and payment networks.
The company is looking to modernize the payments industry even more by expanding the range of participants who can benefit from the tech, the release stated. As part of this modernization, it will be able to evolve past legacy limitations, have greater collaboration with existing clients, and deepen ecosystem partnerships.
“While innovation has accelerated in customer-facing FinTech applications, legacy core payments infrastructure has been slower to adopt new technologies due to its complex messaging standards and mission-critical environments,” said Wells Fargo Strategic Capital Managing Director Basil Darwish in the release. “Volante solved such challenges by offering a modern cloud-native payments platform that minimizes the complexity while accelerating its customers’ payments modernization efforts. We are excited to invest in Volante and join the next phase of its development.”
Volante CEO Vijay Oddiraju said in the release that banks would be able to “launch payment products in months versus years,” which would be a success for users.
In June, Volante teamed up with Deloitte, which will see the latter integrating Volante’s cloud tech for financial institutions (FIs) into Deloitte’s offering for banks. That will allow collaborators to do more for FIs with payment solutions intended to modernize transaction workflows.
Read more: Payments Take Center Stage of Bank-FinTech Collaboration
The companies said they’re focused on streamlining important challenges, including regulatory compliance and banks’ operational risk, in the hopes of expediting modern payment solution rollouts.
Deloitte Managing Director of Banking and Payments Technology Tushar Puranik said at the time that Volante is “an important and innovative player,” supporting banks’ adoption of ISO 20022 payment messaging standards and real-time pay infrastructure.
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