Savings super app company Super.com announced a Series C funding round, which closed at $85 million led by Inovia Capital, significantly increasing the valuation of the company since its March 2021 Series B raise.
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; and Plaza Ventures. And they joined existing investors Inovia Capital; Telstra Ventures; Acrew; Lion Capital; Full In Partners; NBA superstar Steph Curry and more.
In October 2022, Super.com (formerly Snapcommerce) had 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. And since launching, the SuperCash product has grown triple digits in customers and transactions every month.
The company’s customer centric approach had led to the aforementioned expansion, following the realization that Super.com’s 5 million customers did not just want to save, but rather needed to save. And these customers were typically lower income and had lower credit scores: both factors adding difficulty and barriers in their everyday lives.
Super App Strides
With several products in the suite, Super.com went on to build an all-in-one savings super app for everyday Americans. And the Super.com app provides deeper discounts and savings across multiple categories. Plus the company’s model follows in the footsteps of so-called “super apps” widely used internationally like WeChat, which has user numbers in the billions. To date, Super.com customers saved over $150 Million in direct savings across the ecosystem.
Super.com is continuing to expand the ways in which it can help their customers save money. And the company will be scaling product and engineering resources to meet demand for multiple features that customers are asking for within the super app.
KEY QUOTES:
“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.”
— Super.com CEO Hussein Fazal
“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.”
— Super.com co-founder Henry Shi
“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.”
— Daniel Weisenfeld, Chief Financial Officer of Super.com
“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,”
— Chris Arsenault, Partner, Inovia Capital
