Funding Circle founder bags £22.5m for new payments startup
The payments firm founded by Funding Circle entrepreneur Samir Desai has bagged a £22.5m funding injection today as it looks to strip hidden fees out of online payments.
Super Payments, which offers free payments to ecommerce firms and cashback to shoppers, has got the backing of a host of big name investors including Accel and Local Globe, as well as angel investors including Maria Raga the former boss of Depop and Sir Ron Kalifa, the brains behind the government-commissioned Kalifa review of fintech last year.
Desai said today that the firm would now channel the funds into easing the cost burden for consumers in online payments.
“Businesses and shoppers have for too long been stung by huge fees on the internet, in many cases without even knowing. We believe that the simple Super app can save shoppers and businesses billions a year,” he said.
“At a time of high inflation and increases in the cost of living, redistributing the huge profits of payment and digital advertising companies back to customers, will significantly improve people’s lives.”
Businesses typically pay 1-5 per cent fees to accept ecommerce payments and 15-30 per cent to get sales through digital advertising companies, according to Super figures, which the firm intends to channel back into shoppers’ pockets.
Investors at Accel said the firm would help on consumers this year as consumers feel the squeeze amid soaring costs.
“Samir and the team at Super are solving a problem that has flown under the radar for too long, and enabling everyone to keep more of their money,” Harry Nelis, Partner at Accel said.
Super was founded by Desai this year but is yet to fully roll out to customers, with a launch slated for later this year.