London-based checkout startup Volume, which offers a one-click solution to boost customer conversion globally, has raised $6 million in a seed funding round led by United Ventures. The company will use the funds to eliminate internet payment fees and scale its account-to-account payment technology across the UK and Europe.
- Founded in 2021 by Simone Martinelli and Paolo Pio, Volume provides a one-click checkout solution that simplifies online business payments. Transactions are processed through Yapily, its infrastructure partner, and user authentication is done via the customer’s banking app.
- Using Open Banking, Volume removes intermediaries standard in card payments, which reduces fees. The solution enables seamless transactions across global banks with no hidden fees, offering cost savings and a better payment experience.
- The startup claims its solution boosts conversion by 250%, speeds up checkout by 5x, settles funds in 2.5 seconds, and reduces fees by three times compared to traditional payment methods.
"With over $126 million in annualized GMV processed in under eight months, we’ve shown that pay-by-bank is not just a nice thought, it’s a reality. And we’re scaling it rapidly," co-founder and CEO of Volume, Simone Martinelli, stated.
Details of the deal
- The funding round was led by United Ventures, a Milan-based venture capital firm known for funding startups aiming to revolutionize industries through technology. United Ventures' portfolio includes startups like Avaneidi, Moneyfarm, FaceIT, Fiscozen, and Musixmatch.
- Milan-based financial service firm Fabrick, firstminute capital, an England-based VC managing $400 million in assets, SeedX, and Haatch also joined the round.
- With the capital raised, Volume aims to reduce internet payment fees, expand its account-to-account payment technology, obtain FCA approval in the UK, and scale its operations across the UK and Europe.
"Looking ahead, we’re focused on expanding across the UK and Europe, launching new products for cross-border businesses, and scaling our team as we work to become the new standard for global payments," co-founder and CEO of Volume, Simone Martinelli, commented.
