Super.com, a ‘super’ savings app, has revealed that it has raised $85m in a Series C fundraising round headed by Inovia Capital.
Investors in this round included Shopify president Harley Finkelstein and Ancestry.com CEO Deb Liu as well as a number of other angel investors. Hyphen Capital, EDC and Plaza Ventures also took part.
These new investors join existing ones such as Telstra Ventures, Acrew, Lion Capital and Full In Partners.
In October last year, 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 Super.com app provides discounts and savings across multiple categories. The firm said its model follows in the footsteps of so-called “super apps” widely used internationally, such as WeChat, which has user numbers in the billions. To date, Super.com customers have saved over $150m in direct savings across the ecosystem.
The company will be scaling product and engineering resources to meet demand for multiple features that customers are asking for within the super app with the newly raised capital.
Super.com CEO Hussein Fazal said, “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.”
Henry Shi – Super.com co-founder – added, “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.”
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