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Samir Desai (pictured above), the co-founder of Funding Circle, has unveiled Super Payments, a fintech startup he founded back in February but very little was known about until now. The startup successfully raised £22.5 million (about $27 million) in a funding round led by Accel, with participation from Union Square Ventures, LocalGlobe, and several angel investors.
Super Payments a/k/a Super won’t begin operations until later this year. Still, the company has already set up a waiting list for consumers and businesses who want to be part of the official launch, including an early access program.
So what exactly does Super do?
On the consumer side, shoppers are promised cashback on purchases they make through the app, from clothing and electronics to flights.
On the brand side, Super partners with companies to increase their sales, and those brands pay Super a commission, a portion of which is returned to the customer.
So Super promises its customers (businesses) to cut out the financial “middlemen” who often charge up to 5% on each transaction.
It’s worth noting that Super offers its payment solution as an option, apparently with no fees. If a brand decides to support it, Super immediately gives money back to the customer. If the brand does not offer Super as a payment option, or if the customer decides not to pay with Super, they may have to wait up to two weeks.
Presumably, cashback and commission fees vary depending on the customer’s payment method.