Financial IT reports that in addition to previous investors like Firstminute Capital, SeedX, and Haatch, who have reaffirmed their support for Volume's mission, Fabrick, a major participant in the Sella Group's open finance platform, also contributed to this sizeable financial infusion.

By addressing the shortcomings of conventional payment systems, which sometimes subject companies and customers to costs ranging from 2% to 8%, Volume is creating a stir. Volume provides a strong substitute that avoids these outrageous fees with their cutting-edge account-to-account (A2A) payment system.

The money raised in this most recent round is intended for rapid growth throughout Europe and the United Kingdom. Volume wants to greatly expand its activities in order to improve its capacity to provide both consumers and companies with affordable payment options. As Volume looks to take advantage of the enormous potential to switch from traditional debit card payments—which presently account for an astounding $17.84 trillion in worldwide Gross Merchandise Value (GMV)—to more effective A2A payments, this strategic expansion is essential.

Additionally, Volume is strategically hiring to increase the experience of its staff and spur expansion. Notably, Curve's former Head of Product, Justin Sebok, has joined to improve operations and product development. In order to grow the company in the SME sector, Richard Frenken, who played a significant role in PayPal's acquisition of iZettle, has also assumed the position of VP of Revenue. Regarding compliance, Volume's regulatory framework will be improved by Shannon Krishna, who was formerly in charge of compliance at WorldRemit and Luno.

Simone Martinelli, CEO of Volume, emphasized the importance of this breakthrough by saying, "Most A2A payment companies haven't been able to leverage this potential, but open banking has laid the groundwork to reduce payment costs by creating the necessary conditions." We've solved the issue at Volume. By prioritizing the user experience for both consumers and companies, we are addressing the adoption issues of account-to-account payments and providing a quicker, more secure solution that benefits both. Our traction demonstrates that pay-by-bank can be a scalable business model, and with a distinct product-market fit in cross-border payments, we are almost profitable. We're spearheading the switch from debit cards to bank payments in open banking, just like Stripe did when it came to the switch from cash to cards, all the while expanding sustainably.

Paolo Gesess, the founder and managing partner of United Ventures, also commended Volume's development, saying: "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 163x growth in GMV over the last 12 months demonstrates the huge potential that lies ahead. Although other competitors have faced constraints, Volume is well-positioned to grow sustainably because to their talented staff and state-of-the-art technologies. We believe that Volume has enormous potential to change the way that transactions are conducted across the world.