A Seattle-based financial technology company called Upward has secured $8 million in funding while simultaneously forming a strategic alliance with Mastercard. The collaboration aims to streamline and accelerate the process by which companies can deploy financial services products.
Established in 2021 by former executives from Remitly, Upward offers technological infrastructure enabling companies to integrate payments, cards, and banking services without the complexity of coordinating separate relationships with banks, payment processors, or compliance entities.
The company, which currently employs 20 people, concentrates on serving clients whose customers include independent contractors, content creators, and small business owners. These market segments typically receive insufficient attention from competing fintech providers, explains Aaron Gregory, who serves as co-founder and chief executive officer.
Before launching Upward, Gregory held the position of general counsel at Remitly, contributing to the Seattle-headquartered digital money transfer company’s successful 2021 initial public offering. His co-founder is Danielle Hill, who previously led global operations at Remitly.
The startup reports it currently handles over $10 million in payment transactions monthly.
Among Upward’s client roster are Seattle-based firms TipHaus and Solo, which leverage the platform to offer instant payment capabilities and financial management tools for independent workers. Additionally, Scout, a platform facilitating name-image-likeness opportunities for collegiate athletes, utilizes Upward to distribute payments to athletes representing universities such as Alabama, SMU, Louisville, and Clemson.
Traditional banking-as-a-service providers typically depend on multiple vendor relationships, but Upward distinguishes itself by constructing its infrastructure entirely in-house. The company has created an integrated system that merges card services, payment processing, banking capabilities, and regulatory compliance into one unified, developer-accessible platform.
Through the Mastercard collaboration, Upward’s clients gain the ability to rapidly deploy card programs bearing the Mastercard brand. This includes eligibility for Mastercard’s Easy Savings and Business Builder initiatives.
Gregory emphasized in an official statement that companies seeking to provide financial products have historically faced an impossible choice between innovation, flexibility, and implementation speed. He noted that the new investment and Mastercard relationship will eliminate these obstacles, enabling their customers to launch and manage sophisticated, user-focused financial products more rapidly than previously possible.
Upward operates within the expanding embedded finance sector, which research firm BCG estimates represents a total addressable market valued at approximately $185 billion.
The funding round received co-leadership from Dundee Venture Capital alongside Seattle’s Breakwater Ventures Fund. Additional participating investors included Techstars, Altari Ventures, Cascade Seed Fund, Milwaukee Venture Partners, and Outside Ventures. With this latest capital injection, Upward has raised $12 million in total funding since inception.
The embedded finance market continues gaining momentum as more businesses recognize the value of offering integrated financial services to their customers. Upward’s approach of providing a comprehensive, single-vendor solution addresses persistent challenges that have complicated financial product launches for many companies, particularly those serving non-traditional customer segments that major financial institutions often overlook.