Volume secures £1.9m in pre-seed funding led by firstminute Capital to expand its UK operations.
The pre-seed round was led by firstminute Capital with backing from SeedX and Haatch Ventures.
Volume is a London-based payments fintech startup transforming online payments with account-to-account technology. The company offers an embeddable checkout solution that allows merchants to bypass traditional card networks and lower transaction fees.
Volume has raised £1.9m in a pre-seed funding round to support the expansion of its operations across the UK. The investment was led by firstminute Capital, with participation from SeedX and Haatch Ventures, alongside a cohort of prominent angel investors including Christian Faes and Russ Carroll.
The company has developed an open banking payment solution that bypasses traditional card networks to enable direct account-to-account transactions. By reducing intermediary costs and streamlining the checkout process, the firm aims to remove the high fees traditionally associated with online sales.
Following this investment, the business plans to scale its commercial presence domestically before turning its attention to international markets in Europe and North America.
From the founder
"Instead of yet another one-click checkout, Volume is building the world’s first-ever transparent checkout. Ecommerce has a ‘hidden tax’ in the form of payment commissions to cards and ewallets, and consumers don’t know this ultimately impacts on the prices they pay. We want to finally bring transparency to this enormous market and kill all hidden fees. What Transferwise did for cross-border payments, we’ll do for online payments. We estimate that if every merchant were to implement our solution, the ecommerce industry could save $800 billion in fees."
Simone Martinelli
Founder and CEO at Volume
Investor perspective
"Volume is seizing the opportunity created by open banking to enable a new, improved ecommerce payment experience. The high interchange fees that have long been regarded as normal in this $5 trillion market are finally about to disappear. Having backed Revolut at a similar stage in the past, I believe in Krzysztof’s and Simone’s unique mix of fintech know-how, technical talent, relentless customer focus and ambition to get the job done. Operating between London and Krakow they can tap the world-class fintech talent London is renowned for as well as the excellent engineering talent in Poland. We’re excited to play a part in enabling their future success."
Arek Wylegalski
Partner, firstminute Capital
Use of funds
- 01Expand into international markets
