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The Money Desk · Blog
Re:

Upward Raises $8 Million and Partners With Mastercard

Upward announced an $8 million Series Seed+ round and a Mastercard partnership to help business customers launch branded card programs.
From TheFinanceBase Team2 min to read
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Seattle fintech startup Upward announced an $8 million Series Seed+ round and a strategic partnership with Mastercard on November 7, 2025. The company, founded by former Remitly executives Aaron Gregory and Danielle Hill, builds financial infrastructure for businesses that want to offer banking, payment, and card products.

What Upward does

Upward describes its platform as a developer-oriented system that brings banking, payments, cards, and compliance together. Its aim is to let businesses offer financial products without assembling as many separate vendor integrations. That is the company’s product description; its performance and efficiency claims have not been independently tested.

Upward focuses on businesses serving independent workers, creators, and small businesses. GeekWire reported in November 2025 that TipHaus and Solo used the platform for instant-pay and money-management features, while Scout used it to manage payouts to college athletes. These are examples reported at that time, not a verified current customer list.

How much Upward raised and who invested

Upward said the $8 million Series Seed+ financing was co-led by Dundee Venture Capital and Breakwater Ventures Fund. The company also named Techstars, Altari Ventures, Cascade Seed Fund, and Outside Ventures as participants. It said the financing included both new capital and the conversion of convertible equity.

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  • Double check if the URL/website is genuine before entering card details online. Do not provide any gift card details (example: claim code) to someone you do not know or trust. There are a variety of scams in which fraudsters try to trick others into paying with gift cards.
  • If you believe that your Card has been lost or stolen, notify Mastercard immediately by calling 1-833-791-7288. You will be asked to provide the Gift Card number and other identifying information.
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GeekWire reported total funding to date of $12 million in November 2025. That cumulative figure is distinct from the $8 million announced round.

What the Mastercard partnership means for customers

The partnership is intended to let Upward customers launch Mastercard-branded card programs in weeks, according to the companies. Upward also said customers can integrate Mastercard benefits including Easy Savings and Business Builder. The launch timing and product benefits are partnership claims, not independently verified results or a guarantee for every customer program.

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  • This Mastercard Virtual eGift Card is non-reloadable. No cash or ATM access. - Mastercard Virtual eGift Cards are emailed active.
  • Funds do not expire but your Mastercard Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call Mastercard customer service for a replacement card. A one-time purchase fee applies at the time of checkout.
  • This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.

Mastercard’s North America Small Business Lead, Ginger Siegel, said the partnership was intended to help small businesses. The announcement did not provide customer-specific launch dates, eligibility terms, or pricing.

Who founded Upward

Upward was founded in 2021 by Aaron Gregory and Danielle Hill, according to GeekWire. The company identifies Gregory as co-founder and CEO and Hill as co-founder and COO. GeekWire reported that Gregory previously served as Remitly’s general counsel and Hill led global operations there.

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MasterCard Virtual eGift Card
  • Mastercard Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Condition: a.co/9V5i70m
  • When you access your Mastercard Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
  • This Mastercard Virtual eGift Card is non-reloadable. No cash or ATM access. - Mastercard Virtual eGift Cards are emailed active.
  • Funds do not expire but your Mastercard Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call Mastercard customer service for a replacement card. A one-time purchase fee applies at the time of checkout.
  • This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.
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Upward’s reported scale and plans for the funding

GeekWire reported that Upward said it was processing more than $10 million in monthly payment volume and had 20 employees when the publication covered the company in November 2025. Those are time-specific figures and should not be read as current October 2026 operating metrics.

Upward said it would use the financing to expand infrastructure, engineering, and partnership capabilities, and to bring its platform to more fintech, creator, and gig-workforce companies. The available reporting does not establish the company’s current operating status or updated customer and volume figures.

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MasterCard Physical Gift Card – $100 (plus $5.95 Purchase Fee)
  • Cards are shipped active and ready for use.
  • This card is non-reloadable. No cash or ATM access. Funds do not expire. If available funds remain on your card after the valid thru date has passed, please call customer service for a replacement card. A one-time purchase fee applies at the time of checkout. No fees after purchase.
  • Double check if the URL/website is genuine before entering card details online. Do not provide any gift card details (example: claim code) to someone you do not know or trust. There are a variety of scams in which fraudsters try to trick others into paying with gift cards.
  • If you believe that your Card has been lost or stolen, notify Mastercard immediately by calling 1-833-791-7288. You will be asked to provide the Gift Card number and other identifying information.
  • Use your Mastercard Gift Card in the U.S. everywhere Mastercard debit cards are accepted, including online. Your Amazon.com Balance cannot be used to purchase Mastercard gift cards.
Rank #4
MasterCard Virtual eGift Card
  • Mastercard Virtual eGift Cards are designed for online use only. Gift Cards are subject to Terms and Condition: a.co/9V5i70m
  • When you access your Mastercard Virtual eGift Card for the first time, you’ll need to register your name, address, phone number, and email address via activationspot.com. These details should also be used as your billing address for online purchases, as many merchants require address verification for purchase authorization.
  • This Mastercard Virtual eGift Card is non-reloadable. No cash or ATM access. - Mastercard Virtual eGift Cards are emailed active.
  • Funds do not expire but your Mastercard Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call Mastercard customer service for a replacement card. A one-time purchase fee applies at the time of checkout.
  • This item is not eligible for refund, resale, or return. Available for sale within the United States only. Not available to residents of Puerto Rico, Hawaii, New Mexico, South Dakota, West Virginia and the US Virgin Islands.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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