Super.com raises $85mn in funding to expand savings app
Operator of all-in-one savings app for American consumers, Super.com, has raised $85mn in a round of Series C funding, something it says has ‘significantly’ increased the valuation of the company.
Super.com last received investment in a Series B funding round held in March 2021.
The company’s CEO, Hussein Fazal, says: “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.”
Rebranding for investment
Investment in Super.com comes after the company rebranded from Snapcommerce in October 2022 and launched a cashback card, SuperCash. The fintech says this card provides users with the opportunity to build credit without the traditional barriers imposed by legacy financial institutions.
SuperCash’s launch, alongside a company rebrand to Super.com, comes as a realignment to suit the operator’s customer base – which it says is typically from lower incomes and credit scores.
Super.com Co-Founder Henry Shi adds: “We saw that the best rewards and card offers were only available to those with the highest income and highest credit, leaving people who truly needed to save with few options. So we spent the last year building SuperCash from the ground up to provide rich rewards, benefits and spend power to everyone, regardless of their income, credit score or circumstance.”
The ‘super app’ model
Following in the footsteps of multi-purpose apps such as WeChat – or ‘super apps’ – the fintech says its rebranded app has instilled confidence in investors after saving customers $150mn across the Super.com ecosystem.
With its latest round of funding, the operator aims to expand its app to meet the demand consumers expect from ‘super apps’.
Daniel Weisenfeld, Chief Financial Officer of Super.com, notes: “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.”
Alongside Inovia Capital, Series C investment in Super.com came from the likes of Shopify President Harley Finkelstein, Allen Shim, former CFO of Slack, and CEO & Founder of SubStack Chris Best. They join existing investors in Super.com Telstra Ventures, Acrew, Lion Capital, Full In Partners and NBA star Steph Curry.
