After nearly two decades of organic profitability, Volante Technologies raised its first outside investment of $35 million in growth funding to expand its cloud-based payments and financial messaging tool globally, the company said Monday.
Wavecrest Growth Partners led the capital raise along with participation from BNY Mellon, Citi Ventures, PostePay and Visa. As part of the investment, Wavecrest’s co-founder and Managing Partner Vaibhav Nalwaya will join the company’s board.
The company, which has offices in New York, London, Dubai and Mexico, was started by Venkat Malla, Uday Thakur and Vijay Oddiraju in 2001 to provide financial institutions with modern tools that would “simplify the complexity of their operations and accelerate business outcomes, from capital markets to custody to transaction banking,” Oddiraju, co-founder and CEO, said in a written statement.
The company will use the new funds to expand internationally, as well as into new market segments and industry verticals.
“The $35 million investment will allow us to broaden our lead and accelerate our growth trajectory even further,” Oddiraju told Crunchbase News via email.
The funding will focus in three main areas: investing in R&D, building out business operations and extending go-to-market capabilities, he said.
“We want to offer greater resiliency, scalability and roadmap richness in our end-to -end payment processing service in the cloud, while also expanding into new geographies, new market segments and into new lines of business,” he added.