London-based Tuza, formerly known as Statement, has secured 4 million pounds (about $5 million) in seed funding for its platform that offers price comparison services for card payments in the United Kingdom. The company has already compared 1.5 billion pounds (about $1.9 billion) in card turnover for small businesses since its launch in September. This platform aims to assist businesses in saving both time and money.
The seed funding round was led by investors including Connect Ventures, Northzone, Entrepreneur First, Triple Point, and a group of angel investors. Tuza plans to use the new funding to accelerate its growth in the UK. Northzone noted that Tuza is the first comparison site for business card payments and these investors aim to support the company as it brings transparency to the payments industry.
Tuza allows small and medium-sized businesses to compare instant quotes, select a card machine, and go live when they are ready. The company states that 89% of businesses that search for a new card machine find better rates through their platform. This seed funding comes after Tuza raised 1.5 million pounds (about $1.9 million) in a pre-seed funding round led by Northzone.
The founders of Tuza, Chief Technology Officer Olivia Stannah and CEO Ed Hardy, have been working hard to bring comparison to payments. Hardy stated that accepting card payments is still a painful process for small businesses, as it typically takes around 10 days to find the right payments provider
