Fintech startup Lava Payments has raised $5.8 million in seed funding to build a digital wallet infrastructure designed for the rapidly evolving agent-native web — where autonomous AI agents are increasingly transacting on users’ behalf.
Founded by Mitchell Jones, a Yale alum and former founder of Lendtable, Lava emerges from a personal pain point. While experimenting with AI apps, Jones discovered a recurring flaw in how payments were handled across tools. Despite using the same core AI models, every platform required a separate subscription, log-in, and payment — even if the tools were accessing the same underlying technology.
“What I wanted was a single wallet, one set of credits, and the ability to move between tools and providers without starting over every time,” Jones told TechCrunch.
One Wallet, Endless Transactions
Lava’s answer? A universal usage wallet where customers purchase credits once and use them across multiple merchants and AI tools. This model not only simplifies payments for users but unlocks flexibility for autonomous agents. For example, an AI assistant filling out forms or completing tasks online can pay through Lava — without bothering the user for approval at every step.
Much like how we don’t pay Google every time we open Maps (because our internet service provider already handled that), Lava envisions an internet where AI agents operate freely, with payments happening quietly and seamlessly in the background.
“Without Lava, agents get stuck at the checkout line,” Jones said. “We’re building the invisible layer that lets them move, transact, and build.”
Backed by Big Names
Lava’s $5.8M seed round was led by Lerer Hippeau, joined by Harlem Capital, Streamlined Ventures, and Westbound. The capital will be used to hire talent, refine the product, and roll out go-to-market strategies.
Jones’ personal journey — from Dayton, Ohio, to Wall Street, Silicon Valley, and now the frontier of AI-fintech — reflects the spirit behind Lava: making advanced technology accessible to everyone, regardless of background.
“We want to make sure AI is usable by every single person — even a kid from Dayton like me,” Jones added.
As AI agents continue to automate tasks and interact with digital platforms, Lava Payments aims to be the rails those transactions run on — simple, secure, and ready for the future.
