Super Raises $85M for New Savings Super App

Fundraising News
25.04.2023 11:05 am

Super.com, an all-in-one savings platform, has raised $85 million in debt and equity to help it build out a WeChat-like super app.

The Series C includes $60 million in equity investment led by Inovia Capital with participation from a host of angels at a "significantly" increased valuation on a 2021 Series B. The firm has also secured a $25 million credit facility.

Late last year, Super.com rebranded from Snapcommerce and launched SuperCash, a cashback card that provides users the opportunity to build credit without the barriers within the traditional financial industry.

The firm has since been building out it all-in-one savings super app, providing users with discounts and savings across multiple categories. It claims over five million customers worldwide, helping them save over $150 million to date.

The company's model follows in the footsteps of so-called "super apps" widely used internationally, such as WeChat, which has user numbers in the billions.

"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," says Super.com CEO Hussein Fazal.