Online sellers typically pay up to 8% of every sale to companies like PayPal, Apple Pay, and Stripe, passing the cost on to consumers. So-called “account-to-account” or “A2A” payments can reduce transaction fees to less than 1%, saving merchants and consumers significant cash. The challenge was making it seamless for both sellers and customers.
Italian startup Volume believes it has found the answer: a one-click checkout solution via an embeddable widget that integrates as easily as PayPal.
“Imagine traditional payment companies like Mastercard, Visa, Stripe, and Checkout.com. They charge 2% to 8% on everything we buy online. We want to change that. There's no middleman anymore…just a simple movement of money from your bank account to the merchant's account.” CEO and CEO Simone Martinelli (pictured above, third from right) told TechCrunch.
So how was Volume able to break the mold on this issue?
“What's missing is the user experience,” Martinelli says. “We have to ask the user to enter their account number and sort code. But we compressed that all into one click. So we were able to solve the user interface. We took the user experience seriously. “There's no one else that does that. We think we've built the 'Apple Pay' of the account-to-account space,” he claimed.
Volume has a flat-fee model, with transactions completed by its infrastructure partner Yapily and authentication done through the user's banking app.
The company has now raised a $6 million seed round led by United Ventures. The company previously raised $2.4 million in a pre-seed round in 2022. The company now has FCA approval in the UK and plans to expand internationally.
Your startup may be on track. A2A startup Fast went bankrupt after raising $150 million from Stripe and other investors. Meanwhile, Kevin raised $65 million from some of the world's top investors, but ended up declaring bankruptcy this year.
“Volume's ability to grow GMV 163x over the past year is a testament to the tremendous opportunity ahead,” Paolo Gesess, founder and managing partner at United Ventures, said in a statement. Ta.
Volume recently expanded its team, hiring Justin Sebok, former head of product at fintech Curve. Richard Frenken, former iZettle. and Shannon Krishna, who worked at WorldRemit and Luno.
Fabrick, an open finance platform that is part of Sella Group, and existing investors Firstmini Capital, SeedX and Haatch also participated in the seed round.