San Francisco-based Super.com, which offers consumers savings and access to credit, locked up an $85 million Series C led by Inovia Capital.
The startup — formerly Snapcommerce — did not release a valuation, but said it “significantly” increased from its March 2021 Series B. The raise includes $60 million in equity and $25 million in a credit facility.
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Firms that participated in the round include Telstra Ventures, Acrew, Lion Capital, Hyphen Capital, EDC and Plaza Ventures. Several notable individuals also participated, including NBA superstar Steph Curry, Ancestry.com CEO Deb Liu and SubStack CEO Chris Best.
Super.com is an all-in-one savings app. While so-called “super” apps are popular abroad — think WeChat — they have not caught on as quickly in the U.S. However, with everyone trying to save money in today’s economic environment, Super.com’s offering of deals and savings across multiple categories such as travel and retail could be a draw for many consumers. In addition, Super.com’s “SuperCash” offers cash back and credit building.
“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,” said Super.com CEO Hussein Fazal in a release.
Big money
Of course, trying to bring a lot of consumer features under one umbrella is not new, even in the U.S., as apps like Uber have done so for a while. Also specializing in savings is something many apps have focused on — including Honey, which was bought by PayPal for $4 billion in 2019.
However, Super.com is hoping its merging of both shopping and savings in one app will be the differentiation it needs. The company said it has surpassed $1 billion in sales.
The company last raised cash in 2021 — when the funding environment was very different — landing another $85 million round.
The new cash brings the total amount Super.com has raised to more than $150 million, per the company.
Illustration: Dom Guzman
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