FinTech News
Rewards and Savings App Super.com Raises $85 Million
A FinTech app that aims to save consumers money on everyday purchases has garnered a new round of investment. This week, Super.com announced that it had raised $85 million. The Series C was led by Inovia Capital and also included participation from new and returning investors. Among the latter were Inovia Capital, Telstra Ventures, Acrew, Lion Capital, Full In Partners, and Steph Curry (NBA superstar), while some newcomers included Hyphen Capital, EDC, Plaza Ventures, Harley Finkelstein (Ancestry.com CEO), Allen Shim (former Slack CFO), Josh Proctor (Golden State Warriors CFO), Chris Best (Substack CEO), Neha Narkhede (Confluent CTO), and Mike Lee (MyFitnessPal co-founder).
Although it wasn’t stated in Super’s press release, according to TechCrunch, the $85 million round consists of $60 million in equity plus a $25 million credit facility. To date, the company has now raised a total of $186.4 million, including a Series B in March 2021.
Formerly known as Snapcommerce, Super.com is an app built to help consumers save money. Among the platform’s offerings is the SuperCash cashback card, which combines features of a debit card and secured credit card, while also offering between 2% and 10% cashback on purchases. Other features include the SuperTravel booking portal, the Super Shop marketplace, and more. According to Super, the service currently has more than five million customers worldwide and has surpassed $1 billion in sales.
Commenting on the success of Super.com so far, the FinTech’s CEO Hussein Fazal said in a statement “Super.com’s diversified business model now drives savings across all facets of our customers’ lives, from travel to FinTech. It’s great to see market excitement match our own as we rapidly build the first savings super app focused on everyday Americans.”
Commenting specifically on the newly-acquired funding, the company’s CFO Daniel Weisenfeld added, “Raising our Series C is proof of investor confidence in our ability to scale the business responsibly. This will allow us to both continue investing in growth while driving improving margins.” On that note, Inovia Captial partner Chris Arsenault said of his firm’s investment in Super, “‘We partnered with Hussein [Fazal], Henry [Shi], and the Super team over six years ago, and have consistently been impressed by their performance in the travel sector. We are excited to double down on our investment in the company and continue to support its journey, propelled by the recent launch of SuperCash.”
At a time when consumer-facing FinTechs have been pivoting to behind-the-scenes models, it seems as though Super.com could be bucking that trend. Not only has the company recently launched its own debit card at a time when that fad has faded but it’s even cited said card as a major reason for its growth. Of course, whether or not that offering and the startup’s current trajectory can be sustained remains to be seen — but, if Super can continue its rise, the sky is the limit.
