Volume, a rising star in the FinTech space, has successfully closed a $6m funding round led by United Ventures.
According to Financial IT, this significant financial injection also saw participation from Fabrick, a key player in the open finance platform of the Sella Group, alongside existing investors such as Firstminute Capital, SeedX, and Haatch, who have renewed their commitment to Volume’s vision.
Volume is making waves by tackling the inefficiencies of traditional payment methods, which often see businesses and consumers saddled with fees ranging from 2% to 8%. Through their innovative account-to-account (A2A) payment technology, Volume offers a compelling alternative that sidesteps these exorbitant charges.
The funds from this latest round are earmarked for aggressive expansion across the UK and Europe. Volume aims to scale its operations significantly, enhancing its ability to deliver cost-effective payment solutions to businesses and consumers alike. This strategic expansion is critical as Volume seeks to capitalize on the massive potential to transition from traditional debit card payments, which currently represent a staggering $17.84 trillion in global Gross Merchandise Value (GMV), to more efficient A2A payments.
Moreover, Volume is making strategic hires to bolster its team’s expertise and drive growth. Notably, Justin Sebok, previously Head of Product at Curve, has joined to refine product development and operations. Additionally, Richard Frenken, a key figure in iZettle’s acquisition by PayPal, has taken on the role of VP of Revenue to scale the business within the SME sector. On the compliance front, Shannon Krishna, formerly leading compliance at WorldRemit and Luno, is set to enhance Volume’s regulatory framework.
Volume’s CEO, Simone Martinelli, underscored the significance of this development, stating, “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. 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. 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.”
United Ventures’ Founder & Managing Partner, Paolo Gesess, also praised Volume’s trajectory: “Volume stands out not only because of the exceptional leadership from Simone and Chris, but also because of the top-tier hires they’ve 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. While some players in the space have encountered bottlenecks, Volume’s combination of a strong team and cutting-edge technology positions them to scale sustainably. We see tremendous potential for Volume to reshape how transactions are handled globally.”
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