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July 5, 2023

Empowering UK SMBs with Card Payment Comparison & £1.5M Pre-seed Funding

Revolutionary startup unveils platform that helps merchants compare pricing options based on previous statements

Statement, a UK-based startup, is set to revolutionize the card payment industry for small businesses with its innovative comparison site. Founded by industry veterans Ed Hardy and Olivia Stannah, the platform empowers SMBs to easily find card payment providers that suit their specific needs and budget. Today, we witness the launch of this game-changing solution.

Did you know that a staggering 92% of small business merchants stick with their card payment providers for over a year, often unaware of the fees they're being charged? Statement aims to alter these statistics and empower businesses with the knowledge they need.

In response to the Payment System Regulator's review of card payment provisions for the 1.1 million SMBs in the UK, new measures have been introduced to promote transparency. Starting July 6th, providers are now required to be more open with their retail customers, offering nudges and prompts to encourage businesses to explore their options. Contract lengths have also been capped at 18 months.

To fuel its mission of transforming the payment industry, Statement has successfully raised a significant pre-seed funding round of £1.5 million. Leading the investment are renowned firms such as Northzone, joined by Notion Capital, Triple Point, and TinyVC. Angel investors, including industry experts Charlie Songhurst, Chris Adelsbach, and Chris Mairs, have also joined forces to support the venture.

Ed Hardy, the CEO of Statement, expresses the frustration that small business owners have long faced in the card payment landscape. He emphasizes the need for change, stating, "We all use our cards without a second thought, but accepting card payments has been frustrating for small business owners for far too long." Hardy envisions a future where the payment industry becomes more transparent, allowing businesses to easily compare providers and onboard their chosen partner online. Through Statement's technology, the arduous process of finding the right provider can be reduced from days to mere minutes.

With its innovative comparison site, Statement is poised to empower small businesses, unlocking a world of opportunities for them in the card payment ecosystem. By providing transparency, efficiency, and ease of access, Statement is spearheading a transformation that will benefit businesses across the UK and beyond.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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