Small and medium-sized businesses in the United Kingdom can now save time and money with Tuza, a London-based company that offers price comparison services for card payments. The platform has recently secured 4 million pounds (about $5 million) in seed funding from investors including Connect Ventures, Northzone, Entrepreneur First, Triple Point, and a group of angel investors. This new funding will be used to accelerate Tuza’s growth in the UK.
Tuza was previously known as Statement and has already compared over 1.5 billion pounds (about $1.9 billion) in card turnover for SMBs since its launch in September. The platform aims to provide transparency to the payments industry by allowing businesses to compare instant quotes and select a card machine that best suits their needs. According to Tuza, 89% of businesses that search for a new card machine find better rates through their platform.
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. With Tuza’s platform, SMBs can now find and compare different options within minutes, making the process easier and more efficient.
Tuza’s seed funding comes after the company raised 1.5 million pounds (about $1.9 million) in a pre-seed funding round led by Northzone. This new investment will help Tuza continue its mission of bringing transparency and efficiency to the payments industry for small businesses in the UK.