Seed17 December 2024

Volume secures £4.7m in seed funding led by United Ventures to scale its account-to-account payment platform.

The seed round was led by United Ventures with participation from Fabrick and existing backers.

£4.7MSeed

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.

London-based payments fintech Volume has secured £4.7m in a seed round led by United Ventures. The financing also saw participation from Fabrick alongside existing backers Firstminute Capital, SeedX and Haatch. The capital will be directed towards scaling operations across the UK and Europe as the company pursues FCA regulation and regional expansion.

Volume has built an account-to-account payment platform that connects directly to banks worldwide via a simple widget integration. The company recently surpassed $126m in annualized gross merchandise value and aims to provide an alternative to traditional card networks by reducing transaction fees below one per cent.

From the founder

"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."

Simone Martinelli

Founder and CEO at Volume

Investor perspective

"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."

Paolo Gesess

Founder & Managing Partner, United Ventures