American fintech firm Volante Technologies has raked in $10m from the growth capital unit of US banking group Wells Fargo.

Wells Fargo Strategic Capital’s infusion brings the total institutional funding secured by Volante so far to $45m.

The investment comes as the fintech firm, specialising in cloud payments and financial messaging, looks to expand its collaboration with existing clients and enhance its ecosystem partnerships.

Volante CEO Vijay Oddiraju said: “Beyond digital banks and financial institutions, we also want to bring the value of our solutions directly to business and consumer brands.

“It’s my concern for the next generation that leads me to believe that our products need to help end users achieve a better life. As a customer and an investor, Wells Fargo will further help us on this journey.”

Volante is said to be a pioneer of real-time payments in the US as well as cloud technology in financial services.

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In 2019, the firm launched its free RTP / instant payments processing on the cloud as a service.

The firm caters to more than 100 banks, financial institutions, market infrastructures, clearing houses, and corporate treasuries across 35 countries.

Wells Fargo Strategic Capital managing director Basil Darwish said: “While innovation has accelerated in customer-facing fintech applications, legacy core payments infrastructure has been slower to adopt new technologies due to its complex messaging standards and mission-critical environments.

“Volante solved such challenges by offering a modern cloud-native payments platform that minimises the complexity while accelerating its customers’ payments modernisation efforts. We are excited to invest in Volante and join the next phase of its development.”

In 2018, American asset manager BNY Mellon teamed up with Volante to support real-time payments in the US and abroad.