Super Payments Holdings Ltd (trading as “Super”) today announces it has raised £22.5 million to let businesses and shoppers keep more of their money, by providing free online payments forever to businesses and more rewarding shopping to customers.
The oversubscribed round was led by Accel, with participation from Union Square Ventures, LocalGlobe and a number of prominent angel investors, including 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.
Super eliminates the high fees on the internet charged by payments and digital advertising companies. Businesses typically pay 1-5% fees to accept ecommerce payments and typically 15-30% to get sales through digital advertising companies. Super offers free payments to businesses forever and lets them give instant cashback to shoppers when they pay with Super. Businesses can set a commission they are willing to give Super to drive new sales. Super will share some of this with the shopper as instant cashback and keep some for ourselves. It’s a win for everyone.
Super is led by Samir Desai CBE, who is also a Co-Founder and NED of Funding Circle which has provided c. £14 billion of loans to over 120,000 small businesses.
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Samir Desai CBE, Founder and CEO of Super said “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.”
“In today’s economic environment, businesses and consumers alike are feeling the squeeze on their finances,” said Harry Nelis, Partner at Accel. “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 second-time founder in the fintech space, Samir has the ambition, industry knowledge, focus and team required to build a company at scale. I’m delighted to be joining forces with Super on the next phase of its journey and continuing a long partnership with Samir.”
As part of today’s announcement Super has also opened a waitlist at superpayments.com for shoppers and businesses to join ahead of the official launch in the UK later this year. Shoppers joining the waitlist can gain early access to the Super app and earn £5 bonus cashback on their first purchase.
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