A new startup called Lava Payments is aiming to change how AI agents pay for services online. Built by Mitchell Jones, a former Y Combinator-backed fintech founder, Lava Payments offers a digital wallet that lets AI tools handle payments smoothly—without needing human help at every step.
The idea came to Jones while building an AI app. Even for simple tasks, he kept hitting a wall: multiple subscriptions, separate logins, and paying for the same core AI models over and over again through different platforms.
“I didn’t want to keep rebuying access to the same thing under a different wrapper,” he told TechCrunch. “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.”
How Lava Payments Works
Lava acts like a universal wallet that AI agents can use to pay for different services. Instead of needing approval for each transaction, users buy one-time usage credits that work across any platform that accepts Lava—including popular AI models like GPT or Claude.
For example, if a merchant enables Lava on their platform, a customer can load credits and let their AI agent spend those credits across other merchants that also accept Lava. This reduces friction and allows autonomous agents to complete tasks faster and more efficiently.
“Without Lava, agents get blocked when it’s time to pay,” Jones said. “We want them to move, transact, and build without friction.”
He compared it to using Google Maps—you don’t pay Google every time you open the app because your internet provider (like Verizon or AT&T) already gave you access. Lava wants to do the same for agent transactions.
Backed by $5.8 Million in Seed Funding
To support its mission, Lava Payments just raised $5.8 million in seed funding led by Lerer Hippeau. Other investors include Harlem Capital, Streamlined Ventures, and Westbound.
Jones’ previous experience at Yale, Goldman Sachs, Meta, and fintech startups like Parable and Lendtable helped shape Lava’s direction. He says the goal is to build for the “agent-native economy”—a world where AI agents handle tasks and transactions across the web.
As AI becomes a bigger part of everyday life, tools like Lava could become essential. Instead of making users approve every action, AI agents could handle things quietly in the background—using credits to pay for tools, services, and subscriptions without breaking the flow.
“We want to make sure that AI is something that can be used by every single person,” Jones said, “even a kid from Dayton, like myself.”
