London-headquartered fintech startup Super has emerged from stealth with a £22.5m pre-seed round led by Accel for its online checkout payments service.
Super was founded earlier this year by Samir Desai CBE, the former CEO and co-founder of commercial lender Funding Circle.
The startup is launching an online checkout alternative to the likes of PayPal, Klarna and Apple Pay. Instead of charging merchants transaction fees that can range between 1-5%, businesses operating the Super payments service will only pay a commission if it leads to an increase in sales.
Businesses choose the commission they pay on sales and then Super splits that with the customer in the form of cashback, while taking a cut as its fee. Super claims this will provide better value for online retailers. It has opened a waiting list for prospective customers.
“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,” said Samir Desai CBE, founder and CEO, Super.
Desai added: “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.”
Super’s pre-seed round attracted well-known angel investors including previous WorldPay CEO Sir Ron Kalifa OBE, Betfair co-founder Edward Wray, Flutter CEO Peter Jackson, Coinbase board member Gokul Rajaram and former Depop CEO Maria Raga.
Union Square Ventures and LocalGlobe also contributed to the Super funding round.
Harry Nelis, partner, Accel said: “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.
“A second-time founder in the fintech space, Samir has the ambition, industry knowledge, focus and team required to build a company at scale.”
Earlier this week fintech company BankiFi said it’s ramping up its US operations following a £4m raise.