Super.com announced the attraction of investment funds for $ 85 million following the results of the Series C financing round.
This company intends to use the received funding to expand its savings super application. The product expansion strategy involves scaling, increasing the engineering resource, adding new functionality, and increasing the number of ways to save customers’ money. This is stated in the press release of the company, which was published last Monday, April 24.
The company’s CEO Hussein Fazal says that Super.com is a diversified business model through which customers can save money in all aspects of life, from travel planning to the costs associated with the use of financial technologies. He also noted that the firm is creating a super-application for Americans’ savings, the demand for which corresponds to the market hype for similar services.
The company offers a cashback card called SuperCash. This card was created for users who have low income and credit rating problems to get access to credit funds.
The co-founder of the company, Henry Shi, says that traditionally in the financial services sector it has developed that the best rewards and card offers are available to those with high income and an appropriate credit rating. At the same time, people for whom saving is a matter of paramount importance were left with few options. SuperCash solves this problem.
The Series C round took place approximately two years after the firm raised previous funding. In March 2021, the company, which at that time was called Snapcommerce, raised $85 million in investment funds to develop products for consumers who monitor prices.
The last round of financing was led by Inovia Capital, which collaborated with the team six years ago and was impressed by its results in the tourism sector. Inovia Capital partner Chris Arsenault says that he is happy to double his investment in the firm and continue to support its development, which was facilitated by the recent launch of SuperCash.
In the USA, according to the results of a special survey, it was recorded that more than 70% of consumers have a certain interest in the super-application. Among them, 25% expressed increased interest in this proposal.
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