Funding Circle founder Samir Desai collects funds for new venture

Funding Circle founder Samir Desai has reportedly secured $30m to support the development and launch of his new app – Super Payments.

Investors to the round include Accel, Local Globe and Union Square Ventures, according to a report from Sky News. This capital injection was raised at a pre-money valuation of $60m.

While there is little known about the new FinTech platform, the article reports it will aim to take market share from the payment industry’s biggest names.

Desai stepped down from his role of CEO at Funding Circle at the end of 2021 but remains as a non-executive director. He holds a 4.8% stake in the business.

Super Payments will not be competing with Funding Circle and the new company was approved by the latter.

A spokesperson for Funding Circle told Sky News, “The board discussed, and are supportive of, Samir’s desire to explore a new business venture, whilst continuing as a committed long-term shareholder and valued member of Funding Circle’s board.”

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