Progress Partners Advises Volante Technologies in securing $35M Growth Equity Funding

Volante Technologies is a global provider of financial technology software to accelerate digital transformation and modernization.

BOSTON, MA and New York, NY — August 3rd, 2020 — Progress Partners, a Boston and New York-based M&A advisory firm, is pleased to announce that it has advised Volante Technologies, Inc., a leading provider of payments and financial messaging solutions in the cloud on its $35M growth equity financing round, led by Wavecrest Growth Partners. BNY Mellon, Citi Ventures, PostePay, and Visa, Inc. also participated in the round.

The capital raise represents the company’s first outside investment after nearly two decades of strong organic growth and profitability. Volante will direct the capital towards accelerating its cloud expansion globally and its reach into new geographies, market segments, and industry verticals.

“We started Volante in 2001 with a clear purpose.” said Vijay Oddiraju, Co-founder and CEO of Volante. “We wanted to help financial institutions by providing modern solutions to simplify the complexity of their operations and accelerate business outcomes, from capital markets to custody to transaction banking.”

Oddiraju continued, “Today, we process trillions in value and millions of transactions on a daily basis for the world?s largest banks, financial institutions, card networks, market infrastructures, and corporate enterprises. 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 organizations.”

“While we are pleased with the end result of this capital raise, we are equally as impressed with the process that led to this positive outcome,” commented Harp Grewal, Volante?s Chief Operating Officer. “The Progress Partners team was attentive, thoughtful, and there for us every step of the way. Progress provided meaningful guidance and contributed many insights necessary to help us bring this round to a close.”

The capital raise advisory team from Progress Partners, which acted as financial advisor to Volante in the transaction, was led by Managing Director David Arslanian. “We are thrilled for the entire Volante team on their successful capital raise and are looking forward to continuing our relationship going forward as they expand their business,” reflected Arslanian.

“It was a pleasure working with Progress Partners on this capital raise program,” said Vaibhav Nalwaya, Co-Founder and Managing Partner at Wavecrest Growth Partners, “The Progress team was professional and responsive to our needs throughout the entire process. Not only is Progress Partners is knowledgeable in this space, but we also noted that they were true value-added partners to Volante. Their team worked as an extension to Volante’s internal team, demonstrated deep working knowledge of their clients operations and helped tremendously with the diligence process, thereby adding value far beyond the dollar figure attached to the deal.”

“Progress Partners views this successful capital raise as a clear validation of the business Volante has already built, as well as of the trajectory they are on for their continued growth.” added Chris Legg, a Senior Managing Director at Progress Partners, “We are confident that Volante has built a superior payment platform and is well positioned to enjoy sustained success as a leader in the cloud-based payments space for many years to come.”

About Volante Technologies 

Volante Technologies is a global provider of technology and software as a service to accelerate digital transformation and modernization in financial services. Our clients include the world’s largest banks, market infrastructures, exchanges, clearing houses, corporate treasuries, and card networks. Volante’s ecosystem of business services simplifies and automates complex systems and processes in payments, capital markets, and financial message integration. As a result, our clients are able to stay ahead of emerging market trends, become more competitive, deliver superior customer experiences, and grow their businesses through innovation. Founded in Silicon Valley in 2001, Volante today serves as a trusted, strategic business partner to over 90 financial institutions in 35 countries. For further information please visit:

About Wavecrest Growth Partners 

Based in Boston, Wavecrest Growth Partners is a growth equity firm focused on investing in and partnering with leading B2B software and technology-enabled services companies. Wavecrest targets investments in profitable, high-growth technology companies with proven business models and brings to bear a unique combination of investing and operating expertise. Wavecrest’s co-founders have three decades of combined investing and operating experience in growth-stage B2B technology companies. For more information, visit

About Citi Ventures 

Citi Ventures ignites change and reimagines solutions that drive economic progress for clients. Headquartered in Silicon Valley with offices in San Francisco, New York, London and Tel Aviv, Citi Ventures accelerates discovery of new sources of value by exploring, incubating and

investing in new ideas, in partnership with Citi colleagues, our clients and the innovation ecosystem. For more information visit:

About Poste Italiane 

Poste Italiane is Italy’s largest service infrastructure network, providing postal, financial, insurance, payments, mobile & digital services to households, businesses and public administrations across the Country. For 158 years, with 12,800 Post Offices, 125 thousand employees, ? 548 billion total financial assets and almost 35 million customers, Poste Italiane has been an integral part of Italy’s social and productive fabric, unparalleled in terms of size, brand awareness, reach and trust. In 2019, the group’s activities generated direct, indirect and induced impact on the Italian economy equal to approximately ?12.5 billion GDP. For fu
rther information please visit

About Progress Partners 

Progress Partners is a Boston and New York-based M&A boutique investment bank that works with emerging technology companies, with specialized efforts in the media, marketing, advertising sectors. Progress Partners works with buyers and sellers of high growth companies to complete M&A transactions, raise debt or equity capital, as well as, develop and implement strategic growth plans. The firm’s high standards of excellence, deep industry experience, extensive network, and entrepreneurial background give Progress Partners the ability to build and realize superior value for its clients. Securities offered by Applied Capital, LLC, member of FINRA and SIPC. Visit for more information.


Progress Partners