targets $85 million in equity and rising debt in new super savings app

by The Insights

The current inflationary environment has us all looking for ways to cut costs and save money., formerly Snapcommerce, launched its SuperCash cashback card last October so card users could build credit, bringing together 5 million customers worldwide who collectively saved more than $150 million so far. day, according to CEO Hussein Fazal. Now he aims to help “ordinary Americans” find deals and savings across multiple categories, including travel and shopping, through his awesome app.

Fazal told TechCrunch that is among some big companies, like PayPal, Uber and DoorDash, compiling more and more features under one app. Some, like Hyve, are also working to help people save more. However, Fazal said his company is modeling its super app after WeChat by entering verticals like travel and fintech. WeChat was able to grow its user base into billions.

“Unlike other great apps, we try to have a theme that customers can gravitate towards, and we think savings is that theme,” Fazal said. “We are also launching now because we are seeing a great cross-selling rate of people coming to buy one product and ending up buying another right now. This will not always be the case. »

Helping the app grow is a new $85 million investment, including $60 million in equity and $25 million in credit facility. That gives the company nearly $200 million in total funding, Fazal said.

Inovia Capital led the round and was joined by new investors including Shopify President Harley Finkelstein; Deb Liu, CEO of; Allen Shim, former CFO of Slack; Golden State Warriors Chief Financial Officer Josh Proctor; Chris Best, CEO of Substack; Confluent CTO Neha Narkhede; Mike Lee, co-founder of MyFitnessPal; capital hyphen; EDC and Plaza Ventures. Existing investors including Telstra Ventures, Acrew, Lion Capital and NBA superstar Steph Curry also participated.

Fazal last raised funds in 2021 when the company was still Snapcommerce and said the fundraising environment was indeed different, with investors more interested in revenue growth this time around. and, given what the company is doing, will be a long-term sustainable business.

“There’s a lot of focus on unit economic trends and what the business is going to look like,” Fazal said. “Investors are asking if they give this round if it will be enough money for the company to be a stand-alone business now.”

For him, he thinks is on its way to becoming one of those standalone companies. The company has seen double-digit growth over the past year and is on track to achieve well over $1 billion in gross merchandise volume and over $100 million in net revenue in 2023.

Fazal said the focus on top earnings and unit economics was the reason the company was able to “rise nearly double in valuation” from the 2021 increase and close the cycle. with good conditions and in this rather difficult fundraising environment.

He intends to deploy the new funding to product and engineering resources for the development of new features for SuperCash and the overall application. The company is also doing R&D on other ways to provide savings, for example, essential items like gas and groceries whose prices have been affected by current inflation.

“We’ve seen phenomenal growth, triple-digit month-over-month growth in users and transactions, as we’ve spoken to many clients to get data-driven research to create something something someone wants,” Fazal said. “Now we’re going to create the first savings app in the United States so our customers can think of us with every purchase, whether it’s when booking a trip or buying groceries.”

You may also like

Leave a Comment

About Us

The Insights is a top leading multimedia news magazine curating a variety of topics and providing the latest news and insights.

Editors' Picks


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2021 – All Right Reserved. Designed and Developed by our team