Super.com has raised $85 million in a Series C round to grow its savings super app.
The firm will use the new funding to continue to scale its product and engineering resources, add new features to the super app and expand the ways in which it can help customers save money, Super.com said in a Monday (April 24) press release.
“Super.com’s diversified business model now drives savings across all facets of our customers’ lives, from travel to FinTech,” Super.com CEO Hussein Fazal said in the release. “It’s great to see market excitement match our own as we rapidly build the first savings super app focused on everyday Americans.”
The Super.com super app provides discounts and savings on travel, shopping and other categories, according to the press release.
The firm also offers a cashback card called SuperCash that aims to give customers with lower incomes and lower credit scores an opportunity to build credit, the release said.
“We saw that the best rewards and card offers were only available to those with the highest income and highest credit, leaving people who truly needed to save with few options,” Super.com Co-founder Henry Shi said in the release. “Sowe spent the last year building SuperCash from the ground up to provide rich rewards, benefits and spend power to everyone, regardless of their income, credit score or circumstance.”
The Series C round comes about two years after the company last raised funding. At that time, in March 2021, the company was known as Snapcommerce and raised $85 million to develop products for price-conscious consumers.
The latest round was led by Inovia Capital, which partnered with the team six years ago and has been impressed by their performance in the travel sector, Inovia Capital Partner Chris Arsenault said in the release.
“We are excited to double down on our investment in the company and continue to support its journey, propelled by the recent launch of SuperCash,” Arsenault said.
PYMNTS research has found that about 71% of consumers are at least slightly or somewhat interested in a super app. Among them, 25% are very or extremely interested, according to “Super Apps for the Super Connected,” a PYMNTS and PayPal collaboration.
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