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While some account-to-account payments players falter, Volume raises fresh cash
Online merchants can usually pay up to 8% of every sale on an item to companies like PayPal, Apple Pay, and Stripe — and those costs are usually passed to consumers. So-called ‘account-to-account’ or ‘A2A’ payments can cut transaction fees to below 1%, saving merchants and consumers quite a bit of cash. The difficulty has been in making it seamless for both merchants and customers.
Italian-origin startup Volume, which has now raised $6 million in a Seed round led by United Ventures, claims it has come up with the solution. It previously raised a pre-seed funding round of €1.2 million from Haatch and Firstminute Capital.
Volume’s ability to grow Gross Merchandise Value (GMV) by 163 times over the past year validates the enormous opportunity ahead, according to Paolo Ferraris, Partner at United Ventures.
The startup has also bolstered its team with recent hires including Justin Sebok, formerly Head of Product at Fintech Curve, Richard Frenken from iZettle, and Shannon Krishna, previously at WorldRemit and Luno.
Other participants in the funding round included Fabrick, the open finance platform part of the Sella Group, and existing investors Firstminute Capital, SeedX and Haatch.
Source: techcrunch.com
