Upward, a rising fintech infrastructure platform, just got a major boost. The company announced an $8 million Series Seed+ round, co-led by Dundee Venture Capital and Breakwater Ventures Fund, with participation from Techstars, Altari Ventures, Cascade Seed Fund, and Outside Ventures. The new funding, combined with a strategic partnership with Mastercard, positions Upward to accelerate how businesses launch and scale digital financial products—from credit cards to banking and payment solutions.

Building Fintech at the Speed of Software

In an era when traditional banking integrations can take months (if not years), Upward wants to make launching a financial product as simple as deploying an app. The platform offers turnkey embedded fintech infrastructure that wraps together banking, payments, cards, and compliance into a single, developer-friendly environment.

“We’re transforming the way financial products are built,” said Aaron Gregory, Co-founder & CEO of Upward. “Businesses have long been forced to choose between innovation, flexibility, and speed. This investment and our Mastercard partnership will help tear down those barriers.”

Upward’s mission reflects a broader trend in financial technology: the rise of fintech-as-a-service (FaaS). Similar players like Unit, Bond, and Synctera have built developer platforms that allow non-fintech companies—think creator platforms, gig economy apps, or small business tools—to embed branded financial products directly into their ecosystems.

Where Upward differentiates is in speed and compliance. By handling the messy backend of banking and regulation, it claims to reduce time-to-market for a Mastercard-branded card program to just a few weeks, compared to the months of integration and approvals usually required.

Mastercard Partnership: Powering the Next Generation of Embedded Finance

The new collaboration with Mastercard gives Upward an instant credibility boost—and real muscle. Through the partnership, Upward’s customers can tap into Mastercard’s global network, Easy Savings® program, and Business Builder initiative, which support small businesses and creators with rewards, tools, and access to financial resources.

“We’re proud to partner with Upward to help close the financial inclusion gap and uplift the small business community,” said Ginger Siegel, North America Small Business Lead at Mastercard. “By combining Mastercard’s global payments expertise with Upward’s innovative fintech infrastructure, we’re equipping creators and entrepreneurs with the tools and financial access they need to grow.”

This partnership also reflects Mastercard’s broader strategy of embedding its ecosystem into emerging fintech infrastructure providers—ensuring its rails and APIs power the next wave of digital finance innovation.

Faster, Simpler, and Smarter: What’s Next for Upward

The $8 million Seed+ funding round includes both new capital and the conversion of existing convertible equity. The company plans to use the funds to expand its engineering and partnerships teams, enhance its infrastructure stack, and broaden its reach into fintech, creator, and gig economy sectors.

“Speed and compliance don’t have to be at odds,” said Danielle Hill, Co-Founder & COO. “We’ve built the infrastructure to make financial innovation not only faster but more flexible. This next phase is about execution—helping customers transform their ideas into revenue-generating products in record time.”

Why It Matters

The embedded finance space is booming—expected to reach $384 billion in global revenue by 2029, according to research firm Future Market Insights. Upward’s developer-first approach could make it a serious contender in a crowded field, especially as companies across sectors race to integrate financial products directly into their user experiences.

With Mastercard on its side and a fresh influx of capital, Upward is positioning itself to be the connective tissue between fintech innovation and mainstream adoption. The company’s goal is clear: make launching a financial product as easy as spinning up a SaaS app—while ensuring compliance and scalability from day one.