Seattle Startup Upward Raises $8 Million, Partners with Mastercard to Revolutionize Embedded Finance
In a significant development for the fintech landscape, Seattle-based startup Upward has secured $8 million in funding while simultaneously announcing a strategic partnership with global payments giant Mastercard. This collaboration aims to dramatically simplify how businesses implement financial products into their existing services. Founded in 2021 by former Remitly executives Aaron Gregory and Danielle Hill, Upward has positioned itself as an innovative solution provider in the rapidly expanding embedded finance market, which experts at BCG value at approximately $185 billion.
The core strength of Upward’s offering lies in its consolidated infrastructure approach. The company has created a unified platform that seamlessly integrates payments, cards, banking products, and compliance requirements—eliminating the need for businesses to manage multiple vendor relationships or navigate complex technical integrations. This streamlined solution particularly targets companies serving independent workers, content creators, and small businesses—segments that have historically been underserved by traditional financial institutions and even many fintech competitors. This focus reflects a deliberate strategy by Upward to address gaps in the market while building on the founders’ extensive experience in the digital financial services sector. Gregory previously served as general counsel at Remitly, where he played a key role in the company’s public offering in 2021, while Hill managed global operations for the digital remittance provider.
Upward’s practical impact is already evident through its growing customer base, which includes several Seattle-based companies like TipHaus and Solo that utilize the platform to offer instant payment and money management features to independent workers. Another notable client is Scout, a name-image-likeness platform that manages financial payouts to college athletes across prestigious institutions including Alabama, SMU, Louisville, and Clemson. These implementations demonstrate the versatility and scalability of Upward’s infrastructure, which is currently processing more than $10 million in monthly payment volumes—an impressive figure for a company that has only been operational for a few years. The startup’s approach diverges significantly from traditional “banking-as-a-service” models that typically rely on multiple vendors and fragmented systems, as Upward rebuilt its infrastructure from the ground up to create a more developer-friendly and integrated ecosystem.
The newly announced partnership with Mastercard represents a major validation of Upward’s business model and technology. This collaboration will enable Upward’s customers to rapidly launch Mastercard-branded card programs while gaining access to valuable Mastercard resources like the Easy Savings and Business Builder programs. For businesses looking to implement financial services, this partnership removes significant barriers to entry and accelerates time-to-market. As Gregory expressed in the announcement, “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.” This statement encapsulates Upward’s mission to democratize access to sophisticated financial infrastructure that was previously available only to large enterprises with substantial resources.
The recent funding round, which brings Upward’s total investment to $12 million, was co-led by Dundee Venture Capital and Seattle-based Breakwater Ventures Fund. Additional participants included Techstars, Altari Ventures, Cascade Seed Fund, Milwaukee Venture Partners, and Outside Ventures, representing a diverse group of investors who recognize the potential in Upward’s approach to embedded finance. This capital infusion will likely accelerate the company’s product development efforts and expand its market reach beyond its current customer base. With a team of just 20 people, Upward demonstrates the significant impact that focused, specialized fintech solutions can have even with relatively small teams—a testament to the efficiency of their technology stack and business model.
As embedded finance continues to gain momentum across industries, Upward appears well-positioned to capitalize on growing demand for simplified financial infrastructure. The company’s holistic approach addresses key pain points for businesses that want to offer financial services without becoming financial institutions themselves. By combining technical innovation with strategic partnerships like the Mastercard alliance, Upward is creating pathways for more companies to participate in the financial services ecosystem. This democratization of financial infrastructure could ultimately lead to more innovative and accessible financial products for underserved populations, including independent workers and small businesses that have traditionally struggled to access customized financial services. As the embedded finance market continues its projected growth, companies like Upward that reduce complexity while maintaining compliance and security will likely play increasingly important roles in shaping how financial services are delivered and experienced by end users.
