London-based Tuza secured 4 million pounds (about $5 million) in seed funding for its platform that brings price comparison to card payments in the United Kingdom.
The company, which was formerly known as Statement, has compared 1.5 billion pounds (about $1.9 billion) in card turnover for small businesses since its launch in September, aiming to help these businesses save time and money, Tuza said in a Thursday (May 2) post on LinkedIn.
Investors participating in the seed round include Connect Ventures, Northzone, Entrepreneur First, Triple Point and a group of angel investors, according to the post.
Tuza will use the new funding to accelerate its growth in the U.K., Northzone said in a post on LinkedIn.
Northzone added that Tuza is “the first comparison site for business card payments” and that the investors aim to support the company as it brings “unprecedented transparency to the payments industry.”
“Tuza is revolutionizing payment processing for the 1.5 million small and medium businesses in the U.K. that accept in-person payments,” Northzone said in its post. “Their platform provides SMBs with instant, transparent comparisons of rates from top payment providers like Worldpay, Barclaycard and Revolut.”
Tuza allows SMBs to compare instant quotes, select a card machine and then go live when they’re ready, Tuza said on its website. Eighty-nine percent of businesses that search for a new card machine find better rates, the company said.
The seed funding comes 10 months after Tuza, then known as Statement, raised 1.5 million pounds (about $1.9 million) in a pre-seed funding round led by Northzone.
The company said at the time that it aimed to help SMBs save money on hidden card acceptance fees, give them control over unwanted fees and optimize their payment provider contracts.
Tuza was founded by Chief Technology Officer Olivia Stannah and CEO Ed Hardy.
“Olivia Stannah and I have been working hard over the last six months to bring comparison to payments,” Hardy said at the time in a LinkedIn post. “We all tap our card every day without a second thought, but for small businesses, accepting card payments is still incredibly painful — finding the right payments provider takes 10 days on average. We shrink that down to a few minutes.”
The post Tuza Raises $5 Million for Business Card Payments Comparison Site appeared first on PYMNTS.com.
