- One stop, zero-cost price comparison service allows 1.5 million SMBs accepting payments in person to instantly compare rates from top payment providers
- Tuza’s pricing technology enables banks to deliver bespoke rates online, combatting inertia in a £205 billion market, where 92% of SMBs stay with one payment provider for more than a year
- After comparing £1.5 billion in card turnover for small businesses since launching in September 2023, Tuza raises £4m to accelerate growth in the UK market
- Connect Ventures led the seed funding round, with investment from Northzone, Triple Point and Entrepreneur First
2 May 2024: Tuza, the UK platform revolutionising payment processing for small to medium-sized businesses (SMBs), has successfully secured £4 million in a Seed funding round led by Connect Ventures, with investment from Northzone, Triple Point, and Entrepreneur First.
In an industry known for its complexity and lack of transparency, it’s challenging for SMBs to choose the right payment processing option to meet their needs. Recent research from Tuza underscores the problem: out of 1.5 million SMBs using card payments:
- 92% of merchants stick with the same provider for over a year, missing out on significant savings as a consequence
- For example, a typical corner shop could enjoy annual savings of up to £5,400 by switching payment providers
- 66% of merchants are unaware of how much they’re paying in transaction fees or the possibility of better deals elsewhere
- 93% still acquire their payment provider service through a slow, manual process
At the core of Tuza’s mission to empower businesses is a zero-cost price comparison website. Its user-friendly platform enables business owners to easily and quickly assess payment rates from top providers such as Worldpay, Barclaycard and Revolut, empowering them to make informed decisions and optimise their payment processing costs.
With this latest injection of seed funding, Tuza is primed to accelerate its growth, targeting the goal of reaching 100,000 merchants on the platform. This investment will also support the expansion of Tuza’s talented team, as well as further technical development.
Ed Hardy, CEO and co-founder of Tuza, said: “Our latest round of investment underscores the urgency of our mission. Businesses shouldn’t bear high costs due to a lack of understanding about where or how to find better deals. Our platform provides instant, transparent access to the best solutions for each business. It not only saves time, but also introduces a level of pricing fairness previously unseen in the industry.”
Rory Stirling at Connect Ventures said: “Tuza’s transformative approach not only streamlines the complexities of payment processing but also empowers UK businesses with unprecedented transparency and control. Finally the days of opaque pricing structures and painstaking comparisons are a thing of the past, marking a significant leap forward for the industry. Tuza levels the playing field of payments processing.”
As well as operating its own comparison site, Tuza also collaborates with partners such as uSwitch and Money.co.uk.
This round of funding follows on from pre-seed funding of £1.5 million in June 2023, which saw participation from notable angel investors, including Charlie Songhurst, Chris Adelsbach, and Freddy Kelly, the mind behind CreditKudos (acquired by Apple) and TinyVC among others.
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About Tuza
Tuza is leading the charge in transforming payment processing for SMBs. With a focus on transparency and accessibility, Tuza offers a one-stop, zero-cost price comparison service, enabling 1.5 million SMBs to easily compare rates from top payment providers. For further information, visit https://www.tuza.co.uk/
