London-based Tuza has secured 4 million pounds in seed funding for its platform that introduces price comparison to card payments in the United Kingdom. The company, previously known as Statement, has already compared 1.5 billion pounds in card turnover for small businesses since its launch in September. The goal is to assist these businesses in saving time and money.
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.
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.
This seed funding round comes 10 months after Tuza raised 1.5 million pounds in a pre-seed funding round led by Northzone. The company, founded by Olivia Stannah and Ed Hardy, is focused on helping small and medium businesses save money on hidden card acceptance fees, gain control over unwanted fees, and optimize payment provider contracts.
CEO Ed Hardy explained that the platform aims to simplify the process of finding the right payments provider for SMBs. By bringing comparison to payments, Tuza hopes to streamline the experience for businesses that accept card payments, reducing the time it takes to find the right provider from 10 days to just a few minutes.