Super Payments Fires Up in Bristol with £22.5m Funding

Co-founder of Funding Circle confirms launch of his fintech startup.

The gossip is over as Super Payments has emerged into the fintech world and confirmed it has raised £22.5 million funding.

Bristol-based Super is the creation of Samir Desai CBE, co-founder of peer-to-peer lending marketplace Funding Circle.

There had been chatter about Super before, and its company page on Crunchbase says it raised $30 million (£25 million) in April. Whether the firm has raised £47.5 million in funding in total is not clear, and a message sent to the email address on Super’s website responds with “the address couldn’t be found, or is unable to receive mail”.

The latest funding was led by Accel, with participation from Union Square Ventures, LocalGlobe and various angel investors, including the former CEO of Worldpay and founder of Betfair.

Desai explains: “Businesses and shoppers have been stung by huge fees on the internet for too long, 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 users will significantly improve people’s lives.”

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Superlatives aside, Super is targeting shoppers and businesses – and will be looking to take on the likes of Klarna and PayPal. Its website has a waitlist at present and Super is aiming for a launch later this year.

For shoppers, they can join Super for free and earn cashback from brands. Names listed on the website include Currys, Converse, boohoo, Iceland, O2, EE and EasyJet.

In terms of the business crowd, Super says payments are free and it doesn’t charge for transactions. The fintech startup explains that businesses can tell Super how much commission they want to pay. The idea is to pass some commission to the customer as cashback and then keep some for itself. Businesses don’t pay commission for clicks and impressions – only for the sales that Super has sent their way.

Integrating with Super can be done via its API. Super says its widgets will be suitable for such platforms as WooCommerce, Wix, Shopify, Magento, BigCommerce, Salesforce Commerce Cloud, Squarespace and Commercetools.

Super has ambitions to be a super name in the UK fintech space, but it does need more staff.

Vacancies on its site include analytics engineer, data analyst, software engineer, UX/product designer and a UI/visual designer.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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