Tuza, a business payments comparison site, secures £4m in funding from backers

Tuza, a price comparison platform for small businesses in the payment services sector, is making waves in the industry with its latest round of seed funding. The company has secured £4 million in investment, with Connect Ventures leading the charge alongside notable backers like Northzone, Triple Point, and Entrepreneur First.

Since its launch in September, Tuza has been on a mission to help SMEs navigate the complex world of payment providers and find the best deals available. With more than 90% of small businesses sticking with the same provider for over a year, regardless of better rates elsewhere, Tuza aims to shake up the status quo and bring transparency to the industry.

Using innovative pricing technology, Tuza displays rates from top providers like Barclaycard, Revolut, and Worldpay online, allowing businesses to compare and save on their payment processing costs. The platform has already compared £1.5 billion in SMEs’ card turnover and estimates that a typical corner shop could save over £5,000 a year by switching providers.

Tuza’s CEO and co-founder, Ed Hardy, emphasized the importance of their mission, stating, “Businesses shouldn’t bear high costs due to a lack of understanding about where or how to find better deals.” The company’s goal is to onboard 100,000 merchants onto its platform, providing them with instant access to the best payment solutions tailored to their needs.

Connect Ventures partner, Rory Stirling, praised Tuza’s approach, highlighting how it streamlines payment processing complexities and empowers UK businesses with transparency and control. With Tuza’s disruptive technology and commitment to fair pricing, the future of payment services for small businesses looks brighter than ever.