- Volume wants to put an end to the “hidden tax on the Internet”, which is 2% -8%, which is charged by intermediaries of debit and credit cards, e-wallets and BNPL for each online transaction
- Volume is the first to use the mandate of variable recurring payments to significantly speed up direct online payments supported by a bank account (A2A) and get rid of these costs by 2% -8%
- End-to-end payment is a seamless personalized experience that reduces the number of stages of registration and takes less than one second, making it five times faster than regular e-commerce payments
LONDON, United Kingdom (May 3, 2022) – Volumetransparent startup Checkout, closed a pre-sowing round of $ 2.4 million as part of a high-subscription deal led by The capital of the first minute and joined SeedX and Haatch Ventures. Other participants include angels Christian Face (LendInvest), Ras Carroll (ex-Klarna), and angels from MADE.COM, Mastercard, Visa and American Express. The volume improves current open banking capabilities to reduce the lengthy clearance process while eliminating hidden fees charged by payment intermediaries.
Modern online payment methods are expensive and outdated, which slows down the growth of the e-commerce market by $ 5 trillion. Today, merchants pay 2% to 8% of each sale by debit and credit card, e-wallet and BNPL reseller. This ultimately affects end consumers as they end up paying higher prices. In addition to the generally erroneous experience of clearance, modern sophisticated, slow and unreliable payment technology contributes to the global basket rejection rate of 69%.
Volume is radically updating today’s disabling customer experience by creating a more transparent payment infrastructure that reduces transaction costs to zero. At the same time, it provides a seamless clearance experience for online shoppers. Volume is the first to use the mandate of variable periodic payments to significantly accelerate direct online payments with open bank account (A2A) support. In addition to eliminating the need for payment intermediaries and expensive third parties, it eliminates a number of steps in the clearance process. Volume determines which willing bank buyers pay, and passes their biometric security check to their banking app to complete the purchase. End-to-end payment is a personalized payment that takes less than one second, making it five times faster than regular e-commerce payments.
Simone Martinelli, founder and CEO of Volume, says: “Instead of another one-click checkout, Volume creates the world’s first transparent checkout. E-commerce has a “hidden tax” in the form of fees for cards and e-wallets, and consumers are unaware that this will ultimately affect the prices they pay. We want to finally bring transparency to this huge market and destroy all hidden payments. What Transferwise has done for cross-border payments, we will do for online payments. We estimate that if every retailer implemented our solution, the e-commerce industry could save $ 800 billion in fees. ”
For vendors, integration with the Volume solution is seamless and instantaneous. Once integrated Volume allows consumers to pay online from any device directly from their bank accounts. After their biometric verification, their payment is instantly paid by the seller without the need to enter a card, user ID or password. The breakthrough low fixed-rate cost model for online payments replaces the commission based on the percentage of the total basket. To do this, it uses open bank rails provided by its infrastructure partners Yapilaallowing you to connect to thousands of banks.
Volume was founded by veterans of technology Simone Martinelli and Krzysztof Tarnowski, who have worked for Level39, Mastercard, HSBC and WorldRemit for the past 10 years. The startup has already taken over 50 retailers in the retail, food delivery and digital markets in the UK. Financial Technology will use the new funding to expand its business in the UK before it looks to the rest of Europe and North America. The Volume is headquartered in London and has an office in Krakow, Poland.
Arek Wielegalski, partner of firstminute Capital, comments: “Volume takes advantage of an opportunity created through open banking to provide a new, improved e-commerce payment experience. The high exchange fees that have long been considered normal in this $ 5 trillion market will finally disappear. Supporting Revolut at a similar stage in the past, I believe in a unique combination of fintechnological knowledge, technical talent, relentless customer focus and the ambitions of Krzysztof and Simona. Working between London and Krakow, they can take advantage of world-class talent in the field of technology, which is famous in London, as well as excellent engineering talent in Poland. We look forward to playing our part in ensuring their future success. “
For more information, contact:
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Notes to Editors
Volume is a London-based payment technology startup that aims to create a transparent and fair, universal online design experience that works for both consumers and retailers. Volume aims to radically upgrade modern non-working customers at online checkouts and destroy hidden fees that inflate prices and slow down the e-commerce industry. Developing on the basis of open banking, its online payment solution, Transparent Checkout, facilitates direct payments between accounts between sellers ’and online shoppers’ accounts by eliminating intermediaries and reducing transaction fees to 75%.
Unlike card-based payment methods such as PayPal, Fast.co, Bolt, ShopPay, Volume uses an open banking infrastructure to unlock the further growth of e-commerce, limited by the traditional card-based payment infrastructure
Video introduction: https://www.youtube.com/watch?v=8cKEvOY_2vI
About the capital of the first minute
firstminute Capital is an AUM venture fund worth $ 315 million, which invests in technology companies at an early stage. Firstminute is independent of the sector and invests in the UK, Europe and the US. With the support of more than 120 Unicorn founders and founded by Brent Hoberman (founder of lastminute.com, made.comFounders Forum) and Spencer Crowley (Goldman Sachs, DMC Partners) in 2017 firstminute invested in more than 100 companies.
Seed X Liechtenstein is a Europe-oriented venture capital with Liechtenstein roots. They help startups scale by providing a powerful network of experienced entrepreneurs and industry leaders. In addition, they combine comprehensive technological, financial and industrial know-how, which they pass on to their founders.
Haatch is an investment business that supports digital companies at an early stage of growth. Founded by Scott Weavers-Wright and Fred Sonny in 2013 as a joint venture of the angel under the brand “Haatch Angel”. Haatch Ventures was born in September 2018 and was delighted to welcome Simon Penson (founder of Zazzle Media) and Mark Bennett (Vice President of Android GTM for Google) as partners. Since then, it has successfully launched Haatch EIS Funds in 2018 and Haatch SEIS Funds in 2021.