The present inflation environment has all of us on the lookout for ways to chop costs and avoid wasting money.
Super.com, formerly Snapcommerce, launched its cashback card SuperCash last October in order that card users could construct credit, amassing 5 million customers worldwide who’ve collectively saved over $150 million so far, in accordance with CEO Hussein Fazal. Now it has its sights set on helping “on a regular basis Americans” find deals and savings across multiple categories, including travel and shopping, via its super app.
Fazal told TechCrunch that Super.com is amongst some large corporations, like PayPal, Uber and DoorDash, compiling increasingly features under one app. Some, like Hyve, are also working on helping people save more. Nevertheless, Fazal said his company is modeling its super app after WeChat by breaking into verticals like travel and fintech. WeChat has been in a position to grow its user base into the billions.
“Unlike other super apps, we try to have a theme that customers can gravitate toward, and we predict savings is that theme,” Fazal said. “We’re also launching now because we’re seeing an important cross sell rate of individuals coming in to purchase one product and find yourself buying one other right away. That won’t at all times be the case.”
Helping the app grow is a recent investment of $85 million, which incorporates $60 million in equity and $25 million in a credit facility. This provides the corporate nearly $200 million in total funding, Fazal said.
Inovia Capital led the round and was joined by recent investors, including Shopify president Harley Finkelstein; Ancestry.com CEO Deb Liu; Allen Shim, former CFO of Slack; Golden State Warriors CFO Josh Proctor; Substack CEO Chris Best; Confluent CTO Neha Narkhede; Mike Lee, co-founder of MyFitnessPal; Hyphen Capital; EDC and Plaza Ventures. Existing investors, including Telstra Ventures, Acrew, Lion Capital and NBA superstar Steph Curry, also participated.
Fazal last raised funding in 2021 when the corporate was still Snapcommerce and said that the fundraising environment was indeed different, with investors more concerned about top line growth this time around and, considering what the corporate is doing, will likely be a long-term sustainable business.
“There’s plenty of deal with unit economic trends and what the business goes to seem like,” Fazal said. “Investors are asking if they offer this round if it should be enough money for the corporate to now be a standalone business.”
To him, he thinks Super.com is on its solution to being one among those standalone businesses. The corporate grew double digits over the past 12 months and is heading in the right direction to do well over $1 billion in gross merchandise volume and over $100 million in net revenue in 2023.
Fazal said that deal with top line revenue and unit economics was why the corporate was in a position to “raise at nearly double its valuation” from the raise in 2021 and shut the round with good terms and on this reasonably difficult fundraising environment.
He intends to deploy the brand new funding to product and engineering resources for the event of latest features for SuperCash and the general app. The corporate can also be doing R&D on additional ways to supply savings, for instance, essential items like gas and groceries where prices have been affected by the present inflation.
“We’ve seen phenomenal growth, triple-digit growth month over month in users and transactions as we have now talked to plenty of customers to get data-driven research in order that we’re constructing something someone wants,” Fazal said. “Now we’re going to construct America’s first savings app in order that our customers can consider us for each purchase, whether it’s while booking travel or buying groceries.”