Funding Circle cofounder unveils new Super Payments fintech venture with $27M investment

Super Payments is a new U.K. fintech startup founded in February by Funding Circle co-founding partner Samir Desai.

A few months ago it was reported that Desai had raised $30 million for the company. As of today, Super has raised over 27 million dollars in a round of funding, with participation from Union Square, LocalGlobe, and angel investors.

While Super isn't opening for business until later this year, the company has now instigated a waitlist for consumers and businesses eager to be first in line for when things officially get off the ground

What does Super do? On the consumer side, shoppers are promised a certain amount of money back on purchases made through the app.

There are super payments in action.

Super partners with businesses that promise to increase their sales, and these businesses pay Super a commission, part of which is shared back to the customer.

Super promises to help its customers cut out the financial "middlemen" payments processor who often charge up to 5% on top of every transaction.

Super offers its own payments solution as an option which apparently has no fees, and if a brand decides to support this, Super gives cash to the customer immediately. The customer might have to wait up to two weeks if the brand doesn't offer Super as a payment option.

The customer's payment method may affect the commission and cashback fees.

There are payment options for super payments.

Super will help brands avoid costly customer acquisition and advertising fees by paying them a commission for every sale they make.

Funding Circle was co-founded by Desai in 2009, but he stepped down as CEO in September of last year, with the company's shares sitting at less than half their IPO value. At a time when the U.K. teeters on the verge of a recession, Desai wants to help businesses and shoppers avoid excessive charges.

Businesses and shoppers have been stung by huge fees on the internet for a long time. The Super app can save billions of dollars a year. Redistributing the huge profits of payment and digital advertising companies back to customers will improve people's lives at a time of high inflation and increases in the cost of living.