Volume, a FinTech behind account-to-account (A2A) payments technology, has raised 拢4.7 million.
The round was led by United Ventures, with participation from Fabrick and existing investors Firstminute Capital, SeedX and Haatch.
Having processed more than $126 million in annualised gross merchandise value in under eight months, the London-headquartered firm is now focused on scaling its operations across the UK and Europe, continuing its mission to eliminate payment fees for businesses and consumers alike.
Volume鈥檚 solution provides a one-click checkout connected to every bank worldwide. Its embeddable widget requires five lines of code to integrate, making onboarding faster and more seamless for platforms and businesses, including Know Your 老九品茶 (KYB) processes.
For users, it provides an intuitive and secure payment process, addressing key pain points for both platforms and consumers. This is said to result in significant cost savings for merchants and customers alike.
Simone Martinelli, founder and CEO of Volume, said: 鈥淥pen banking has laid the groundwork to reduce payment costs by creating the necessary conditions, but most A2A payment companies haven鈥檛 been able to leverage this potential. At Volume, we鈥檝e cracked the problem.
“We鈥檙e solving the adoption challenges of account-to-account payments by focusing on the user experience for both businesses and consumers, offering a faster, more secure solution that puts both parties first. If widely adopted, Volume could save businesses up to $44 billion per year.鈥�
Paolo Gesess, Founder & Managing Partner at United Ventures added: 鈥淰olume stands out not only because of the exceptional leadership from Simone and Chris, but also because of the top-tier hires they鈥檝e made, bringing in deep expertise across the fintech and payments landscape.
“Their ability to grow GMV by 163x over the past year validates the enormous opportunity ahead. We see tremendous potential for Volume to reshape how transactions are handled globally.鈥�
Volume has recently brought in industry leaders to drive growth. Justin Sebok, formerly head of product at Curve, has joined to enhance product and operations. Richard Frenken, who played a role in iZettle鈥檚 $2.2 billion acquisition by PayPal, is now VP of revenue, bringing deep expertise in scaling PayPal鈥檚 business within the SME sector.
On the compliance front, Shannon Krishna has joined after leading compliance efforts at WorldRemit and Luno, further strengthening Volume鈥檚 regulatory capabilities.
The funding will support scaling operations across the UK and Europe, while positioning Volume to leverage potential opportunities that may arise if regulators succeed in opening access to NFC technology currently controlled by Apple.