Latest round brings total outside investment in cloud payments fintech to $116 million
NEW YORK, Nov. 7, 2023 /PRNewswire/ -- Volante Technologies, the global leader in cloud payments modernization, today announced that it has secured $66 million in debt and equity financing in an investment round led by Sixth Street Growth, the technology growth investing arm of Sixth Street, with participation from Wavecrest Growth Partners and Wells Fargo Strategic Capital.
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.
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."
Ansari continued, "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."
Oddiraju continued, "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."
Volante and Sixth Street Growth executives will participate in a fireside chat in the coming weeks. For more details, follow us on LinkedIn.
About Volante Technologies
Volante Technologies is the trusted cloud payments modernization partner to financial businesses worldwide, giving them the freedom to evolve and innovate at record speed. Volante's Payments as a Service and underlying low-code platform process millions of mission-critical transactions and trillions in value daily, so customers can focus on growing their business, not managing their technology. Real-time ready, API enabled, and ISO 20022 fluent, Volante's solutions power four of the top five global corporate banks, two of the world's largest card networks, and 66 percent of U.S. commercial deposits. Learn more at volantetech.com and linkedin.com/company/volante-technologies.
About Sixth Street Growth
Sixth Street Growth makes investments in mid- and late-stage technology companies. The Sixth Street Growth team partners with founders and management teams to provide differentiated capital solutions to accelerate organic and inorganic growth. Sixth Street Growth is the dedicated growth investing platform of Sixth Street, a leading global investment firm with over $74 billion in assets under management and committed capital. Sixth Street has invested over $9 billion in more than 70 companies through its Growth franchise since inception. Select Sixth Street Growth investments include Airbnb, AvidXchange, Bloomreach, Contentsquare, Datavant, Gainsight, Kaseya, Keyfactor, MasterControl, MDLIVE, Spotify, and Sprinklr. For more information, visit www.sixthstreetgrowth.com, and follow Sixth Street on LinkedIn.
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