Super.com Raises $65 Million at $1.2 Billion Valuation as Net Revenue Tops $200 Million
Updated
Updated · Fortune · Jul 7
Super.com Raises $65 Million at $1.2 Billion Valuation as Net Revenue Tops $200 Million
1 articles · Updated · Fortune · Jul 7
Summary
$65 million in Series D funding led by TPG valued Super.com at $1.2 billion, up from about $700 million in 2022.
More than $200 million in net revenue, over 50% year-over-year growth and profitability helped drive the raise for the Toronto-founded savings app.
Nearly 1 million Super+ members pay $15 a month for hotel discounts, cashback, prescription savings, cash advances and credit-building tools; the company says it has returned over $1 billion to customers.
Around 300 employees are now serving lower-income U.S. consumers that founder Hussein Fazal pegs at 100 million to 150 million people, a market also targeted by Rakuten, Capital One Shopping and Chime.
The round comes as the personal finance app market is projected to expand from $31.7 billion to $173.6 billion by 2035, giving Super.com room to chase broader scale.
With rising competition, what is Super.com's next move to become as essential to Americans as Amazon Prime or Costco?
Now a profitable unicorn, how does Super.com balance its social mission with the profit demands of its venture capital backers?
Is Super.com a true financial ally for the underbanked, or just a more polished version of a high-fee lender?
Super.com Secures $65M Series D, Surpasses $1.2B Valuation: AI-Driven Super App Expands Savings and Credit Tools for U.S. Consumers
Overview
Super.com recently secured $65 million in Series D funding led by TPG, boosting its valuation to $1.2 billion. This investment is aimed at scaling its super app, which helps everyday Americans save money across essential categories. The new capital will strengthen Super.com's product and engineering teams, with a focus on developing new features for its SuperCash offering and the overall platform. CEO Hussein Fazal plans to use these funds for research and development, further enhancing the app’s ability to deliver savings and value to users through advanced technology and AI-driven solutions.