Seattle is once again making waves in the fintech ecosystem, as evidenced by the rise of Upward, a startup led by a powerhouse team with deep industry expertise. Co-founded by Aaron Gregory and Danielle Hill, formerly key executives at Remitly, Upward combines innovation and nuanced understanding of global financial systems to deliver embedded finance solutions as seamless as they are groundbreaking.
As a serial entrepreneur, I’ve watched the fintech space evolve, and Upward hits some interesting notes that caught my attention. Raising $8 million in a Seed+ round and forging a strategic partnership with Mastercard isn’t just routine startup news, it's a signal of where the industry is heading. Embedded finance platforms like Upward are uniquely poised to reshape how businesses interact with financial services. But how impactful are they, really, and what can entrepreneurs learn from their approach? Let’s dig in.
What Makes Upward Stand Out?
In the crowded field of fintech, dominance often comes from either first-mover advantage or from rethinking an old model more intelligently. Upward clearly bets on the latter. Traditional "banking-as-a-service" providers require businesses to juggle multiple integrations and vendor relationships for cards, payments, banking, and compliance. Upward bypasses this with an all-in-one infrastructure designed from the ground up. What does this mean for startups and SMBs? Time saved, resources spared, and fewer headaches, a dream scenario for entrepreneurs.
From a practical perspective, here’s why Upward is grabbing attention:
- Single-Integration Simplicity: Businesses can embed tailored financial functionalities without navigating separate relationships with processors or compliance systems.
- Focus on the Underserved: Their segments, independent workers, creators, and small businesses, often lack access to robust fintech solutions due to the expense or complexity involved.
- Rapid Deployment via Mastercard Partnership: By leveraging Mastercard's infrastructure, companies can launch branded card programs within weeks instead of months, cutting costs dramatically.
Startups like TipHaus and Solo already use Upward for enhanced payment processing, and collegiate athlete platforms like Scout demonstrate its growing relevance in niche sectors like NIL (Name, Image, Likeness). These early players show how startups can leverage fintech products not just for transaction processing but as competitive differentiators in serving unique audiences.
Upward’s Stellar Funding Approach
One of the easiest ways to gauge a startup’s potential is to look at its funding strategy, which in Upward’s case, raises some fascinating takeaways for any founder:
- Strategic Investor Mix: Contributors like Dundee Venture Capital, Breakwater Ventures, and Techstars indicate a well-balanced roster of investors with both venture and incubator clout. Cascade Seed Fund also brings regional expertise into the fold.
- Seed+ Round as a Growth Signal: Raising $8 million on top of $4 million in earlier rounds clearly signals a confident roadmap, particularly since this funding coincides with Upward’s public Mastercard collaboration. It’s not just growth capital, it’s validation.
- Mastercard Partnership: It’s important to note that startups don’t stumble on partnerships with giants like Mastercard; such deals are meticulously negotiated. The value isn’t just the branding, it’s the competitive edge of quick-to-market Mastercard-branded solutions that Upward clients can now deploy.
For serial entrepreneurs trying to close their own seed rounds, the lesson is simple: diversity in investors matters. By bringing in top-tier names and strategic funds, Aaron Gregory ensured Upward wasn’t just funded but also supported by entities who provide deeper access to networks and industry credibility.
How to Apply Upward Principles to Your Own Startup
As a deep believer in the power of building from cross-disciplinary systems, here is my take on the strategies Violetta Bonenkamp-style entrepreneurs can steal from Upward’s playbook today:
- Simplify for Your Customer: Whether you’re handling embedded finance or building AI tools, opt for simplicity. Upward’s success lies in making user-friendly financial infrastructure, eliminating pain points for product integration. Ask yourself: How easy is it for your customer to use your product without expert guidance?
- Own a Niche: Upward thrives by targeting underserved communities. Your startup should aim to dominate a specific corner of a market, whether that’s gig workers, small businesses, or creators. Master one segment before scaling.
- Value Partnerships Over DIY: Rather than trying to build infrastructure independently, team with established players. Whether it’s through direct partnerships (like Mastercard for Upward) or platform cooperation, the network effect boosts your growth. Don’t let ego get in the way of exponential expansion.
- Quick Launches Win Markets: In today’s light-speed economy, first-mover advantage comes not from launching first but from launching fast (and well). Think of Upward’s weeks-long deployment times compared to months. Where can your startup cut the fat?
Most Common Missteps to Avoid
While Upward makes its success look simple, there are hurdles every new founder must learn to avoid:
- Overcomplication: Building solutions that end up requiring even more integrations can alienate clients. Always put simplification first.
- Premature Scaling: Trying to serve every customer profile from global enterprises down to small startups can dilute your offering. Start with a laser focus like Upward, validated by smaller segments that grow organically.
- Disjointed Marketing: Without clear communication of your value proposition, partnerships (even with brands like Mastercard) might fail to resonate. Upward aligns its branding with real utility, what does your startup align its story with?
What Embedded Finance Means for You
Embedded finance is no longer a buzzword; it’s a shift signaling wider availability of tools once restricted to banks and large enterprises. And businesses who truly nail their understanding of this model, like Upward, are enabling services that startups can develop in weeks, not years. For startups, freelancers, and solopreneurs, this represents a major equity gain: you don’t need massive resources to deploy world-class financial solutions within your product.
And for serial entrepreneurs like myself? It presents one key question: How can these services accelerate growth in segments that were once unreachable?
The Takeaway
Upward’s $8 million raise and Mastercard deal is more than predictable fintech news; it’s a clear template for entrepreneurial success. If you are in pursuit of building a startup that genuinely simplifies life for underserved customers, Upward is the model to mirror, simplify, partner smartly, and own your niche.
From Seattle to Amsterdam (where I’m writing this article), this story represents more than just one startup’s rise. It’s a call to founders worldwide to rethink what agility, integration, and funding strategy can do for your next venture.
Want more deep dives like this? Explore Upward’s ecosystem innovations directly on GeekWire for the details founders need to know.
FAQ
1. What is Upward and what does its fintech platform do?
Upward is a Seattle-based fintech startup that provides infrastructure to embed payments, card, and banking products into businesses without requiring separate integrations for banks, processors, or compliance vendors. Read about Upward on GeekWire
2. Who are the founders of Upward?
Upward was co-founded by Aaron Gregory, former General Counsel at Remitly, and Danielle Hill, who was Remitly’s Head of Global Operations. Both bring deep industry expertise to the company. Learn about the founders on LinkedIn
3. How much funding has Upward raised in total?
Upward has raised a total of $12 million in funding, with $8 million from its latest Seed+ round and $4 million raised in earlier rounds. Read the funding details on PYMNTS
4. What is Upward’s partnership with Mastercard all about?
Upward’s partnership with Mastercard allows businesses to launch Mastercard-branded card programs in weeks, leveraging Mastercard’s Easy Savings and Business Builder programs. Explore the partnership on GeekWire
5. What makes Upward’s platform unique compared to traditional fintech solutions?
Unlike traditional banking-as-a-service providers, Upward rebuilt its payment infrastructure from scratch, combining payments, banking, and compliance into a single developer-friendly system. Read about the platform on PYMNTS
6. Which industries and customers is Upward targeting?
Upward focuses on businesses serving independent workers, creators, gig workers, and small businesses, segments often underserved by existing fintech solutions. Check industry specifics on GeekWire
7. Who are Upward’s investors in the Seed+ round?
The Seed+ round was co-led by Dundee Venture Capital and Breakwater Ventures, with additional participation from Techstars, Altari Ventures, Cascade Seed Fund, and more. Explore the funding on ABQ Journal
8. What are the early examples of companies using Upward’s platform?
Companies like TipHaus, Solo, and Scout use Upward for payment processing and managing payouts in sectors like gig economy and collegiate athletics (NIL platforms). Learn more about case studies on LinkedIn
9. What strategy lessons can entrepreneurs learn from Upward?
Entrepreneurs can take inspiration from Upward’s approach to simplifying processes, owning a niche market, and forming strategic partnerships to enable rapid deployment of products. Explore insights on GeekWire
10. Why is Upward significant in the embedded finance ecosystem?
Upward represents the future of embedded finance by enabling faster, cost-effective, and simpler integration of financial products, lowering barriers for businesses to enter the fintech market. Read Upward’s vision on PYMNTS
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.