Account-to-account payments fintech Volume has raised $6 million to scale its operations across the UK and Europe.
The funding round was led by United Ventures, with participation from Fabrick, the open finance platform part of the Sella Group, and existing investors Firstminute Capital, SeedX and Haatch.
London-based Volume offers merchants a one-click checkout with Know Your Business rules baked in via an embeddable widget that requires just five lines of code to integrate.
Simone Martinelli, founder and CEO of Volume, says: “Open banking has laid the groundwork to reduce payment costs by creating the necessary conditions, but most A2A payment companies haven’t been able to leverage this potential. At Volume, we’ve cracked the problem. We’re 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."
By integrating with Volume, users can pay directly from their bank accounts on any device, with the entire process completed in under one second. The firm uses open banking technology from Yapily to connect to banking accounts.
Applying biometric authentication via the user’s banking app, payments are securely finalized without the need for cards, user IDs, or passwords, all for a low, flat-rate pricing mode of below one percent.
Martinelli says the firm has grown Gross Merchandise Value by 163x over the past year
"Our traction shows that pay-by-bank can be a scalable business model, and we’re close to profitability with a clear product-market fit in cross-border payments," he says. "Like Stripe did with the shift from cash to card, we’re leading the transition from debit cards to bank payments in open banking, while growing sustainably. If widely adopted, Volume could save businesses up to $44 billion per year.”