London-based fintech startup Volume, a pioneer in account-to-account (A2A) payments, has raised $6 million to scale its operations across the UK and Europe.
Funding Details
The funding round was led by United Ventures with additional support from:
- Fabrick, the open finance platform of Sella Group.
- Existing investors Firstminute Capital, SeedX, and Haatch.
Revolutionizing Payments
Volume offers a seamless one-click checkout experience for merchants, incorporating Know Your Business (KYB) protocols. This capability is powered by an embeddable widget requiring just five lines of code for integration.
Users can make payments directly from their bank accounts using open banking technology, with transactions completed in under one second. Security is bolstered by biometric authentication through users’ banking apps, eliminating the need for:
- Cards.
- User IDs.
- Passwords.
A Cost-Effective Alternative
Volume’s low flat-rate pricing model (below 1%) offers businesses a significantly cheaper alternative to traditional payment methods. By leveraging open banking connectivity provided by Yapily, the fintech ensures efficient and secure payments across devices.
Driving Adoption and Scalability
Founder and CEO Simone Martinelli explains Volume’s focus on tackling the adoption challenges of A2A payments by prioritizing user experience for both merchants and consumers:
“At Volume, we’ve cracked the problem. We’re solving the adoption challenges of account-to-account payments by focusing on the user experience, offering a faster, more secure solution that puts both parties first.”
With a 163x increase in Gross Merchandise Value over the past year, Volume has achieved near profitability, demonstrating its potential as a scalable business model. Martinelli believes the firm is leading a significant shift in global payments:
“Like Stripe did with the shift from cash to card, we’re leading the transition from debit cards to bank payments in open banking. If widely adopted, Volume could save businesses up to $44 billion annually.”