The capital raise represents the company’s first outside investment after nearly two decades of organic growth and profitability. The firm - which provides payments and financial messaging streamlining for clients from capital markets to custody to transaction banking - currently counts four of the top five corporate banks among its more than one hundred customers.

BNY Mellon, Citi and PostePay are existing customers of Volante, using the vendor's technology stack to underpin their core payments architecture and prepare for real-time services.

Mirko Mischiatti, group chief digital, technology & operating officer at Poste Italiane, says: “Our investment in Volante is directly linked to our ‘Deliver 2022’ innovation strategy. VolPay’s cloud-native microservices architecture will allow us to support current and future payment rails on and off the cloud. This will enable us to provide innovative customer experiences for over 14 million Poste Italiane account holders and 28 million cards as we continue to shift away from traditional payment methods to next-generation digital options and account-based payments.”

Vijay Oddiraju, co-founder and CEO of Volante, says the company will direct the fresh capital towards accelerating into the cloud and its reach into new geographies, market segments, and industry verticals.

“Today, we process trillions in value and millions of transactions daily for the world’s largest banks, financial institutions, card networks, market infrastructures, and corporations," he says. "We plan to invest further in cloud technologies and into other areas of financial services, as well as new industries. The fact that the majority of our strategic investors are clients is a testament to the mutual trust we have built over the years with a wide range of organisations.”