Funding Circle co-founder unveils new fintech venture Super Payments with $27 million investment – gotechbusiness.com

0
29

Co-founder of Funding Circle Samir Desai unveiled a new UK fintech startup called Super paymentsa company he founded in February, but about which little was known until now.

Reports emerged a few months ago, Desai had raised about $30 million for this new company, and today it has been confirmed. Super has raised £22.5m (approximately $27m as of today) in a funding round led by Accel, involving Union Square Ventures, LocalGlobe and a slew of angel investors.

While Super won’t open to businesses until later this year, the company has now set up a waiting list for consumers and businesses eager to be first in line for when things officially get off the ground — this includes an early access program.

So what exactly does Super do? Well, on the consumer side, shoppers are promised cashback for purchases they make through the app, from clothing and electronics to flights.

Super payments in action

On the brand side, meanwhile, Super partners with companies promising to increase their sales, and these brands pay Super a commission, part of which is returned to the customer.

So basically, Super promises to help its customers (companies) eliminate the financial “middlemen” payment processors, who often charge up to 5% on top of every transaction.

It’s worth noting that Super offers its own payment solution as an option that apparently has no fees, and if a brand decides to support it, Super immediately gives the customer cashback. If the brand does not offer Super as a payment option, or if the customer chooses not to pay with Super, the customer may have to wait up to two weeks.

Presumably, the cashback and commission fees vary depending on the payment method the customer uses.

Super payments: Payment options

In addition, Super promises to help brands avoid expensive customer acquisition and advertising costs – they don’t pay to display their products in the app, they simply pay a commission for all sales that Super generates.

Desai co-founded the small business credit platform Funding Circle in 2009 and remained CEO until he resigned last September with the company’s stock at more than half their IPO value. While still a non-executive director at Funding Circle, Desai said he now wants to focus on helping businesses and shoppers avoid exorbitant e-commerce fees – this is particularly relevant at a time when the UK teetering on the brink of a recession.

“Businesses and shoppers have been stung for too long by huge costs on the Internet, in many cases without knowing it,” Desai said in a statement. “We believe the simple Super app can save shoppers and businesses billions a year. At a time of high inflation and rising costs of living, redistributing the huge profits of payment and digital advertising companies to customers will greatly improve people’s lives.”


LEAVE A REPLY

Please enter your comment!
Please enter your name here