UK-based Super Payments, a fintech company that claims to disrupt the payments industry, announced on Wednesday that it has raised £22.5M (approximately €26.75M) in an oversubscribed round of funding.
By offering businesses free online payments forever and more rewarding shopping experiences for consumers, the startup hopes to help both businesses and consumers keep more of their money.
Investors in this round
The investment was led by Accel, with participation from Union Square Ventures and LocalGlobe.
Harry Nelis, Partner at Accel, says, “In today’s economic environment, businesses and consumers alike are feeling the squeeze on their finances. Samir and the team at Super are solving a problem that has flown under the radar for too long, and enabling everyone to keep more of their money.”
A number of prominent angel investors also participated in this round. They include Sir Ron Kalifa OBE, former CEO of WorldPay; Edward Wray, co-founder of Betfair; Peter Jackson, CEO of Flutter; Gokul Rajaram, Board member of Coinbase; Andrew Robb, former COO of Farfetch; Maria Raga, former CEO of Depop; and the co-founders, Chairman and CEO of Funding Circle.
Transforming the online payment and shopping experience
Founded in 2022 by Samir Desai, former co-founder of Funding Circle, Super Payments enables both consumers to make wise purchasing decisions and receive immediate cashback as well as businesses to avoid high fees and boost sales.
Founder Samir Desai says, “Businesses and shoppers have for too long been stung by huge fees on the internet, in many cases without even knowing. We believe that the simple Super app can save shoppers and businesses billions a year. At a time of high inflation and increases in the cost of living, redistributing the huge profits of payment and digital advertising companies back to customers, will significantly improve people’s lives.”
Currently, businesses pay between 1 to 5 per cent fees to accept ecommerce payments and between 15 to 30 per cent to get sales through digital advertising companies. Super’s goal is to disrupt the payments industry by allowing businesses to avoid high ecommerce and advertising fees by offering free payments in return for a commission, of which some is shared as instant cashback to shoppers when they pay with Super. This in turn allows businesses and shoppers alike to keep more of their money when buying and selling through the internet.
As part of its funding announcement, the company has invited customers and companies to sign up for a waitlist at superpayments.com in advance of the formal launch in the UK later this year. Customers who sign up for the queue can download the Super app early and receive £5 in additional money on their first purchase.