American fintech firm Volante Technologies has secured an undisclosed additional growth funding from BNY Mellon and Poste Italiane.

The banks were part of Volante’s $35m growth equity financing round closed in August 2020. The new investment comes as the banks seek to further drive their payment modernisation efforts.

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Volante will utilise the new capital to expand its collaboration with current clients and grow the scope of its ecosystem partnerships.

The firm also aims to launch new cloud Payments as a Service (PaaS) offerings with plans to accelerate the time to market for solutions based on its low-code platform capabilities.

BNY Mellon Treasury Services chief strategy and digital officer Saket Sharma said: “We are laser-focused on digitising payments. Together with Volante, we plan to accelerate that journey to bring the most innovative solutions to our clients.

“Our investment in Volante reflects the deep commitment we’ve made to our next generation payments strategy and the amazing partners who will help us achieve that goal.”

Poste Italiane partnered with Volante as part of its payments modernisation programme to bolster its open banking platform that facilitates SEPA instant payments.

BNY Mellon teamed up with the payments provider in 2018 to support real-time payments in the US and abroad.

Volante Technologies CEO Vijay Oddiraju said: “Our payments technology helps banks modernize, freeing them to adapt and evolve in an increasingly real-time, cloud-driven world, so that they can serve an ever-wider range of customers.

“Expanding our collaboration with BNY Mellon and Poste Italiane is another important step in this journey.”

In October last year, Volante raked in $10m from the growth capital unit of US banking group Wells Fargo.