CPE News Brief (4.26.2023) – Snapcommerce dba Super has raised $85 million in Series C funding led by Inovia Capital, significantly increasing the valuation of the company since its March 2021 Series B raise.
iNovia was joined by Hyphen Capital, EDC, Plaza Ventures, Telstra Ventures, Acrew, Lion Capital, Full In Partners, and individual investors, Steph Curry, 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).
Super.com is the all-in-one savings super app for everyday Americans looking to save money, access credit, and experience more of what life has to offer.
photo credit: Snapcommerce
Super.com Raises $85M Series C to Grow Savings Super App for Everyday Americans
Super.com’s valuation increased significantly following launch of SuperCash product
SAN FRANCISCO, April 24, 2023 /PRNewswire/ — Super.com, the savings super app company, today 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’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,” says Super.com CEO Hussein Fazal.
Super.com raises $85M series C to grow savings super app
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 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.
“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,” says Super.com co-founder Henry Shi.
Super App Strides
Armed with several products in the suite, Super.com 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 billions1. 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.
“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,” says Daniel Weisenfeld, Chief Financial Officer of Super.com.
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 join existing investors Inovia Capital, Telstra Ventures, Acrew, Lion Capital, Full In Partners, NBA superstar Steph Curry and more.
”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,” says Chris Arsenault, Partner, Inovia Capital.
Super.com is the all-in-one savings super app for everyday Americans looking to save money, access credit, and experience more of what life has to offer. Super.com is home to the SuperCash card that offers cashback and the opportunity for credit building. The Super.com App also provides deals and savings across categories such as travel and shopping. Super.com is trusted by over 5 million customers worldwide and has helped them save over $150M to date. Super.com is backed by Tier 1 investors including NBA superstar Steph Curry and has raised over $150M USD and surpassed $1B in sales.
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