London-based Volume, a company specialised in Account-to-Account (A2A) payment solutions, announced that it has secured $6M (approximately €5.7M) in a funding round.
The latest funding round was backed by United Ventures, Fabrick, Firstminute Capital, SeedX, and Haatch. The announcement comes as the UK company processed over $126M (approximately €120M) in annualised Gross Merchandise Value (GMV) within just eight months.
With this funding, the company aims to scale its operations across the UK and Europe to eliminate payment fees for businesses and consumers.
The team is also working toward FCA regulation in the UK as well.
“Imagine a traditional payment company like Mastercard, Visa, Stripe, or Checkout.com. They charge between 2% and 8% on everything that we buy online. We want to change that. There are no more intermediaries… there is the simple movement of money from your bank account to the account of the merchant,” Simone Martinelli, founder and CEO of Volume, told TechCrunch.
Volume: Account-to-Account payment
Founded by Simone Martinelli and Krzysztof (Chris) Tarnawski, Volume aims to eliminate hidden payment fees, empower businesses of all sizes, and deliver transparent payment experiences for consumers.
The company’s Account-to-Account (A2A) payment solution reduces these fees to below 1 per cent, bypassing costly card networks and benefiting businesses and consumers.
Volume’s platform offers fast, affordable, and secure payments.
Its software development kit easily integrates with e-commerce sites and includes features such as quick payment processing, cash flow tracking, payment links, refunds, and currency exchange options.
Volume’s technology makes it easy to expand across borders by using different Open Banking networks.
The company’s one-click checkout improves the user experience by automatically finding the payer’s bank, helping more merchants adopt it and reducing the need for costly payment options.
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