in the wake of fast’s collapse, volume thinks it can crack the payment checkout conundrum

Online payment methods can be expensive for merchants, who have to pay between 2% and 8% of every sale to debit and credit card, ewallet and BNPL facilitators. Much of this is often passed to consumers. Fast was a hugely well-funded startup that tried to address this by closed in spectacular fashion just recently. Other examples tackling the issue include Rapyd and Checkout.com, Bolt.

Volume, is a new checkout startup that has now closed a pre-seed round of $2.4 million led by firstminute Capital and joined by SeedX and Haatch Ventures. Obviously tiny compared to Fast’s $102 million Series B…

Volume’s take on this checkout market is – it says – about making the checkout process shorter and reducing associated fees. It does this by using the Variable Recurring Payment mandate and also employs biometric security to finalize the purchase.

Simone Martinelli, founder and CEO at Volume, says: “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.”
Volume was founded by Simone Martinelli and Krzysztof Tarnawski, who spent the last 10 years working at Level39, Mastercard, HSBC and WorldRemit.

The startup says it has 50 merchants across retail, food delivery and digital marketplaces in the UK.

The fintech will use the new funding to expand its UK business, before it looks towards the rest of Europe and North America.

Arek Wylegalski, Partner at firstminute Capital, commented: “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.”

Other participants in the funding round include angels Christian Faes (LendInvest), Russ Carroll (ex-Klarna), as well as angels from MADE.COM, Mastercard, Visa and American Express.

TECH NEWS RELATED

How to grow your startup with email marketing using Gmail

You've got a great idea for a startup, and you're ready to make it happen.  You don’t have a surefire marketing strategy in mind yet. But you know one thing - you gotta have an active email list ASAP.    

View more: How to grow your startup with email marketing using Gmail

PP Control & Automation launches PP+ to help bridge ‘valley of death’

A UK manufacturing outsourcing specialist is aiming to help domestic businesses cross the well-publicised ‘valley of death’.

View more: PP Control & Automation launches PP+ to help bridge ‘valley of death’

What tech startups are doing to combat Parkinson’s disease

Startups Magazine looks at the amazing work that startups are doing with AI and other tech to bolster the medical world’s diagnosis, treatment, and overall understanding of Parkinson’s disease.

View more: What tech startups are doing to combat Parkinson’s disease

Google will reimburse developers $90 million to settle a lawsuit over Play Store earnings

Google said Thursday it will pay $90 million to settle a lawsuit with US developers that accused Google of abusing its power of app distribution and charging an unfair fee of 30% for app purchases and in-app purchases made through the Play Store. The company noted that US developers who ...

View more: Google will reimburse developers $90 million to settle a lawsuit over Play Store earnings

Bringing an idea to market

The demand for app development doesn't show signs of getting slower any sooner. As apps are an accessible type of technology, where people can have access from anywhere, the consumers' interest in this technology is vital. Therefore, many companies are taking this trend and changing their traditional environment to mobile for effective business positioning. But developing an app isn't easy and takes time and teamwork for a positive outcome.

View more: Bringing an idea to market

Meta’s co-accused Sama to retain BCorp status until case is determined

Meta’s main subcontractor for content moderation in Africa, Sama, will retain its BCorp certification until the case against it in Kenya, over claims of union busting and exploitation, is determined. The referenced case, which also includes allegations against Meta, was filed in May this year by Daniel Motaung, a ...

View more: Meta’s co-accused Sama to retain BCorp status until case is determined

Sharpen your credit card, the Apple Store is down

At June’s WWDC, Apple launched a slew of new and exciting products, only to mention that they’d be available to order at some point later this month. Well, as the end of the month draws closer by the minute, it looks like Apple is updating its store, presumably to ...

View more: Sharpen your credit card, the Apple Store is down

Early-stage VC investments in Q1FY23 up 30% on year even as growth-stage investments come under pressure

(Representative Image) Early-stage venture capital (VC) investments in India rose by nearly a third in the first quarter of 2022-23 (FY23) from a year earlier as investors turned cautious and made smaller-sized and longer-duration bets amid a correction in global financial markets. In April-June 2022, early-stage VC investments in ...

View more: Early-stage VC investments in Q1FY23 up 30% on year even as growth-stage investments come under pressure

China’s tech giants promise speculation-free NFTs

Visby Medical tests positive for a Series E extension at $1B+ valuation

Micro-pyramid lenses triple light hitting solar panels

Crypto wants its own iPhone

Daily Crunch: OpenSea, an NFT marketplace, revealed email data breach that may have affected 1.8M users

3 questions for the startup market as we enter Q3

Fleetzero begins its search for the first giant ship to convert to battery power

Instagram test ditches video posts in favor of Reels

Nikola delays shareholder meeting to drum up support to issue more shares

The SEC rejected bitcoin spot ETFs again. Now what?

Raspberry Pi introduces a $6 board with Wi-Fi

Here’s Carta’s response to venture becoming more global

OTHER TECH NEWS

Top Car News Car News