Volume

Volume offers an online payment checkout solution for merchants, which leverages biometric authentication. The checkout solutions are based on open banking and look to reduce the transaction fees relating to payment acceptance by moving funds directly from the user’s bank account to the merchant’s.

Through the Volume platform, users can choose which bank account they want to make the payment from and will be routed to the biometric security check in their respective banking apps. This process circumvents the need for cards, user IDs, and passwords.

Volume charges its customers on a pay-per-use basis, amounting to 0.75% for any bank payment (as of April 2022).

Key customers and partnerships

The company leverages the open banking infrastructure provided by Yapily , a British company providing connectivity to more than 1,500 banks.

The platform had onboarded over 50 merchants in the UK as of April 2022, across several industries, such as retail, food, and digital marketplaces.

Funding and financials

The company raised USD 2.4 million in pre-seed funding in April 2022, led by firstminute Capital, to invest in accelerating its growth and expanding operations in the UK and eventually covering the rest of Europe and North America.