SuperFi, a FinTech company focused on preventing debt, recently announced a successful pre-seed funding round where it raised €900k.
The company, based in London, is designed to support individuals grappling with the current cost of living crisis.
The funding round was orchestrated by UK seed fund Ascension and its impact fund, Fair By Design, with additional investments from Force Over Mass, among other notable investors.
SuperFi was established in 2021 and has since been transforming the debt management sector by offering users a comprehensive overview of their debts, analysing their financial and personal circumstances, and suggesting the most appropriate debt prevention tools and services.
With the new injection of funds, SuperFi intends to secure authorisation through the FCA’s innovation sandbox and initiate collaborations with London boroughs. These initiatives will allow SuperFi to refine and test its platform, offering debt prevention tools to Londoners for the first time before a broader UK rollout.
SuperFi co-founder Tom Barltrop remarked, “We believe that debt management should be proactive, not reactive. Our goal is to help millions of people struggling to pay their bills and credit commitments better manage their debt before it becomes a crisis. In doing so, we believe we can help British people during the cost of living crisis – saving businesses and society billions associated with problem debt.”
Interestingly, according to a study from StepChange, 18 million British adults are struggling with monthly bills and credit commitments, collectively owing more than £70bn in unsecured debts. However, SuperFi’s platform could potentially save users £130m in debt repayment costs by 2028.
SuperFi has previously received grant funding from the Greater London Authority, part of the Mayor of London’s Challenge LDN scheme to combat poverty. This backing enabled SuperFi to prototype and test its platform with Councils and Housing Associations across London.
Ascension partner Emma Steele added, “We are thrilled to be supporting SuperFi in its mission to tackle the UK’s growing debt crisis and improve financial well-being for individuals and communities. With over £1.6 trillion in personal debt in the UK alone, the scale of the problem is massive, and SuperFi’s innovative platform is uniquely positioned to address it through a partner based business model that remains on the consumers’ side as the business scales. We look forward to helping the team achieve their vision.”
The pre-seed funding round of SuperFi was managed by Floww, a recently launched fundraising platform, where the target was surpassed in just over 24 hours. Previously, SuperFi received backing from Antler, the most active early-stage investor in Europe.
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