10 months after securing £1.5 million in pre-seed funding, London-based Tuza has raised £4 million in seed funding for its platform that simplifies the process of finding the right payments provider for small and medium businesses (SMBs) in the United Kingdom. The company, previously known as Statement, has already compared 1.5 billion pounds in card turnover for SMBs since its launch in September.
Tuza’s platform provides instant, transparent comparisons of rates from top payment providers such as Worldpay, Barclaycard, and Revolut. Businesses can compare instant quotes, choose a card machine, and go live when ready. The company claims that 89% of businesses that search for a new card machine find better rates through their platform.
Investors in the seed round include Connect Ventures, Northzone, Entrepreneur First, Triple Point, and a group of angel investors. Tuza plans to use this funding to accelerate its growth in the U.K., according to a post on LinkedIn by Northzone. It is described as the first comparison site for business card payments, aiming to bring transparency to the payments industry.
The goal of Tuza’s platform is to assist SMBs in saving time and money by providing them with more control over unwanted fees and hidden card acceptance fees while optimizing payment provider contracts. CEO Ed Hardy explained that the platform aims to streamline the experience for businesses that accept card payments by reducing the time it takes to find the right provider from 10 days to just a few minutes. With this new funding round, Tuza aims to continue making it easier for SMBs to manage their payments and save money on hidden fees.
