Seattle startup Upward raised $8 million and announced a strategic partnership with Mastercard to make it faster and simpler for businesses to roll out financial products.
Founded in 2021 by early Remitly executives, Upward provides infrastructure that lets businesses embed payments, cards, and banking products without managing separate integrations for banks, processors, or compliance.
The 20-person startup focuses on customers that sell to independent workers, creators, and small businesses — segments often underserved by other fintech competitors, according to Aaron Gregory, co-founder and CEO.
Gregory was general counsel at Remitly, where he helped the Seattle-based digital remittance giant go public in 2021. He co-founded Upward with Danielle Hill, former head of global operations at Remitly.
Upward said it’s processing more than $10 million in monthly payment volume.
Companies such as TipHaus and Solo, both based in Seattle, use Upward to embed instant pay and money-management features for independent workers. Scout, a name-image-likeness (NIL) platform for college athletes, uses Upward to manage payouts to athletes at schools including Alabama, SMU, Louisville, and Clemson.
Unlike traditional “banking-as-a-service” providers that rely on multiple vendors, Upward said it rebuilt its infrastructure from scratch, combining cards, payments, banking, and compliance into a single, developer-friendly system.
The partnership with Mastercard allows Upward’s customers to quickly launch Mastercard-branded card programs, including access to Mastercard’s Easy Savings and Business Builder programs.
“For too long, businesses that wanted to offer a financial product have had to choose between innovation, flexibility, and speed,” Gregory said in a statement. “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.”
Upward is part of a growing “embedded finance market” that has an estimated total addressable market of about $185 billion, according to BCG.
The funding round was co-led by Dundee Venture Capital and Seattle-based Breakwater Ventures Fund, with participation from Techstars, Altari Ventures, Cascade Seed Fund, Milwaukee Venture Partners, and Outside Ventures. Total funding to date is $12 million.
