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.