Wells Fargo is the latest Wall Street giant to back Volante Technologies, investing $10 million in the cloud payments and financial messaging firm.
Wells Fargo Strategic Capital is topping up a $35 million August 2020 growth round for Volante that was joined by BNY Mellon, Citi Ventures, PostePay and Visa. That raise represented 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 - reported a banner 2020, doubling its net new logo signings from the previous year and closing 50 sales transactions with marquee customers including multinational banks, global asset managers, stock exchanges and payment networks.
Wells Fargo has picked Volante to help it migrate to the ISO 20022 financial messaging standard, following a similar move by fellow investor Citi.
"We are excited to continue our partnership with Volante with this investment and we look forward to seeing how Volante will continue to innovate and advance their payment capabilities,” says Jason Christensen, head, payments and treasury technology, Wells Fargo.