Account-to-account payments fintech Volume has successfully secured $6 million in funding to expand its operations throughout the UK and Europe.
The funding round was led by United Ventures, with contributions from Fabrick, the open finance platform that is part of the Sella Group, as well as existing investors Firstminute Capital, SeedX, and Haatch.
Based in London, Volume provides merchants with a one-click checkout solution that incorporates Know Your Business rules through an embeddable widget, which requires only five lines of code for integration.
Simone Martinelli, founder and CEO of Volume, stated, “Open banking has set the stage for reducing payment costs but many A2A payment companies have struggled to harness this potential. At Volume, we’ve addressed this challenge by enhancing the user experience for both businesses and consumers, resulting in a quicker and more secure solution that prioritizes both parties.”
By using Volume, customers can pay directly from their bank accounts on any device, with transactions completed in less than one second. The firm utilizes open banking technology from Yapily to connect with banking accounts.
Payments are securely processed using biometric authentication via the user’s banking app, eliminating the need for cards, user IDs, or passwords, all while maintaining a low, flat-rate pricing model of under one percent.
Martinelli highlighted that the company has achieved a remarkable 163-fold increase in Gross Merchandise Value over the past year.
“Our progress indicates that the pay-by-bank model can be scaled successfully, and we are nearing profitability with a solid product-market fit in cross-border payments,” he remarked. “Much like Stripe facilitated the transition from cash to card payments, we’re driving the shift from debit cards to bank payments through open banking, all while fostering sustainable growth. If widely implemented, Volume could help businesses save up to $44 billion annually.”