Toronto-based Super.com has raised $85 million USD in Series C financing, nearly six months after rebranding from Snapcommerce as it expands its from travel and shopping discounts to financial services.
The financing was led by Inovia Capital, with participation from new investors, such as Shopify president Harley Finkelstein, Ancestry.com CEO Deb Liu, former Slack CFO Allen Shim, Golden State Warriors CFO Josh Proctor, and Substack CEO Chris Best; as well as existing investors celebrity athlete Steph Curry, Telstra Ventures, and Lion Capital, among others.
Super’s cashback card has no minimum balance, fees, or credit checks.
According to Super.com, the Series C round “significantly increases” the valuation of the company since closing its $107 million add currency Series B round in March 2021. The company has not disclosed its post-money valuation for its Series B and Series C rounds.
Snapcommerce rebranded to Super.com in October 2022 to signal its expansion into the financial services industry. This represents the second time the company changed its name.
Super started out as a travel deals website named SnapTravel, co-founded by Hussein Fazal and Henry Shi in 2016. The pair went on to expand the business model to other e-commerce verticals, establishing Snapcommerce as the new overarching brand in 2020. Though the company changed its name again, it will continue offering SnapTravel (now SuperTravel), along with the other existing products in its suite, under the “Super” branding.
Snapcommerce launched an online marketplace in December 2021 that offers savings for a variety of goods. The startup said its acquisition of Daily Steals that same year accelerated the launch of its new shopping deals platform.
As part of its push into consumer finance, Super launched a cashback card, which also offers credit building opportunities. Super’s cashback card is issued by MRV Banks and powered by the Mastercard network.
With all of the products in its suite, including SuperCash, the company has built an all-in-one savings “super app” which Super says provides deeper discounts and savings across multiple categories.
RELATED: Snapcommerce secures $107 million to build a mobile commerce leader
Super’s cashback card is meant to allow users to build credit without the barriers within the traditional finance industry, according to Shi, as it has no minimum balance, fees, or credit checks.
Super is entering a crowded market for consumer finance as incumbents and startups alike expand their finance products to help low-credit or no-credit individuals access debt funding.
Wealthsimple, Koho and Neo Financial are among the Canadian fintech startups that offer consumer credit cards, joined by established financial institutions in the country like the Big Five banks.
After raising this capital, Super said it intends to scale its product and engineering resources to meet demand for multiple features within its super app.
Super has raised nearly $200 million USD in total funding to date, including a $21 million Series A round that it closed in 2018.
Featured image courtesy Super.com
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