Lava Payments just launched a fintech solution built for the AI-driven web. The startup created a digital wallet that uses one set of usage credits across merchants and AI services to smooth out agent-enabled payments. No more multi-subscription chaos or constant payment approvals.
The idea came from founder Mitchell Jones after his time at Y Combinator-backed fintech Lendtable. Jones noticed building AI payment agents meant paying multiple times for access to the same core models like GPT or Claude. That felt broken to him.
Jones explained to TechCrunch: 
“I kept running into the same issue,” he said. “I was using the same underlying models and tools again and again, but through different wrappers or platforms.”
“I didn’t want to keep rebuying access to the same thing under a different wrapper. 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 so I could pay for what I was using.”
The Lava wallet lets merchants upload credits customers can spend anywhere Lava is accepted. AI agents then use those credits to pay on the user’s behalf — no human approval needed each time.
Jones said:
“Without Lava, agents can’t move smoothly through the internet because they constantly get blocked when it comes time to pay.”
He compared it to Google Maps—users don’t pay Google every time they open a map because internet charges are pre-paid.
Lava Payments announced a $5.8 million seed round led by Lerer Hippeau on Wednesday. Other backers include Harlem Capital, Streamlined Ventures, and Westbound. The funds will go toward hiring, product development, and go-to-market moves.
Jones framed the product as key for “the agent-native economy.” He wants Lava to be “the invisible layer that kind of powers the AI web.”
“We should be enabling agents to move, transact, and build without friction,” Jones said.
“We want to make sure that AI is something that can be used by every single person, even a kid from Dayton, like myself.”
Lava Payments enters a space shared by startups like Metronome. The big pitch: streamline AI-powered transactions with one simple wallet and credits. No more chunked-up payments or subscription headaches.
