Fintech Apps: Super.com Finalizes $85M Series C to Grow Savings Super App

Super.com, the savings super app company, announces its Series C fundraising round, which closed at $85M, “led by Inovia Capital, significantly increasing the valuation of the company since its March 2021 Series B raise.”

Super.com CEO Hussein Fazal said:

“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.” 

In October 2022, Super.com (formerly Snapcommerce) “rebranded its suite of products and launched SuperCash, a unique cashback card that provides users the opportunity to build credit without the barriers within the traditional financial industry.”

Since its launch, the SuperCash product has reportedly “grown triple digits in customers and transactions every month.”

The company’s customer centric approach “led to the aforementioned expansion, following the realization that Super.com’s five million customers didn’t just want to save, but rather needed to save.”

These customers “were typically lower income and had lower credit scores: both factors adding difficulty and barriers in their everyday lives.”

Super.com co-founder Henry Shi said:

“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.”

Armed with several products in the suite, Super.com claims it “went on to build an all-in-one savings super app for everyday Americans.”

The Super.com app “provides deeper discounts and savings across multiple categories.”

The company’s model “follows in the footsteps of so-called ‘super apps’ widely used internationally, such as WeChat, which has user numbers in the billions.”

To date, Super.com customers “have saved over $150 Million in direct savings across the ecosystem.”

Super.com continues “to expand the ways in which it can help their customers save money.”

The company will be “scaling product and engineering resources to meet demand for multiple features that customers are asking for within the super app.”

Daniel Weisenfeld, Chief Financial Officer of Super.com, said:

“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.” 

New investors in this round “include Harley Finkelstein, President of Shopify, Deb Liu, CEO of Ancestry.com, Allen Shim, former CFO of Slack, Josh Proctor, CFO of the Golden State Warriors, Chris Best, CEO of SubStack, Neha Narkhede, CTO at Confluent, and Mike Lee, co-founder of MyFitnessPal, Hyphen Capital, EDC, as well as Plaza Ventures.”

These reportedly “join existing investors Inovia Capital, Telstra Ventures, Acrew, Lion Capital, Full In Partners, NBA superstar Steph Curry and more.”


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