Upward announced that it has raised an $8 million Series Seed+ round and entered into a strategic partnership with Mastercard to support the rapid launch of embedded financial products. The funding round was co-led by Dundee Venture Capital and Breakwater Ventures Fund, with participation from Techstars, Altari Ventures, Cascade Seed Fund, and Outside Ventures.
The new financing is intended to accelerate Upward’s efforts to simplify and speed the development of financial products for businesses. The company is focused on reducing the complexity and operational burden that many organizations face when creating financial services offerings.
Upward also announced a strategic partnership with Mastercard designed to support customers launching Mastercard-branded card programs in a shorter timeframe. The collaboration is positioned to help Upward’s customers introduce card programs that benefit from Mastercard’s established network and associated resources.
Upward provides an infrastructure platform that enables businesses to develop and deploy credit card, payment, and banking products without needing to manage multiple third-party integrations or complex compliance processes. The platform integrates banking, payments, cards, and compliance capabilities to support organizations such as gig economy platforms, creator-focused services, and other enterprises developing customized financial tools for their users.
The Seed+ capital, which includes both new investment and the conversion of existing convertible equity, will support Upward’s growth in infrastructure, engineering, and partnership development efforts. The company intends to expand market adoption across fintech, creator, and independent workforce sectors.
Through the strategic partnership, Mastercard’s network access and program offerings, including Mastercard Easy Savings and the Business Builder Program, will be integrated into Upward’s platform. This collaboration is intended to support the launch of credit programs for small businesses, creators, and entrepreneurs.
KEY QUOTES:
“At Upward, we’re transforming the way financial products are built. For too long, businesses that wanted to offer a financial product have had to choose between innovation, flexibility, and speed. This investment and our Mastercard partnership will help to tear down those barriers — empowering our customers to launch and operate smarter, customer-centric financial products faster than ever.”
Aaron Gregory, Co-founder & CEO, Upward
“Speed and compliance don’t have to be at odds. We’ve built the infrastructure to make financial innovation not only faster but also more flexible for our customers. This next phase is about execution – helping customers transform their innovative visions into revenue-generating products in record time.”
Danielle Hill, Co-Founder & COO, Upward
“We’re proud to partner with Upward to help close the financial inclusion gap and uplift the small business community. By combining Mastercard’s global payments expertise and technology with Upward’s innovative fintech infrastructure, we’re equipping creators and entrepreneurs with the tools, resources, and financial access they need to grow and thrive—through solutions like Easy Savings and our Business Builder program.”
Ginger Siegel, North America Small Business Lead, Mastercard
