Fintech
Startup founded by CBE-winning fintech pioneer posts £7.5m loss in 2023
A startup founded by a CBE-winning fintech pioneer has reported losses of £7.5m in 2023, with overall losses now standing at £13.1m. Super Payments was founded by Samir Desai, a financial services pioneer who co-founded Funding Circle, a pioneer of the peer-to-peer lending model. Desai, who launched Funding Circle in 2010, stepped down as CEO of Funding Circle in 2021.
He was awarded the CBE (Commander of the British Empire) in the 2015 New Year’s Honours list “for services to financial services”. He founded Super Payments, a payments startup that began operations in 2022. Super Payments has raised £22.5m with backers including US VC firm ACELan early backer of Facebook. Local Globe and Union Square Ventures, two other big names in venture capital, also backed the startup.
According to accounts filed with Companies HouseSuper Payments LTD now has overall losses of £13.1 million for the year ended 2023. Its losses for 2023 were £7.5 million.
The accounts do not disclose details of the reasons behind the increase in losses. The accounts also show that Super Payments has £14.5m in cash in the bank.
According to its website description, Super Payments wants to “power free payments anytime, anywhere for businesses and more rewarding purchases for our members, so everyone wins.” According to its LinkedIn page, over 200,000 shoppers in the UK are using Super Payments.
According to TechCrunchThe startup offers customers cash back on purchases made through the app, from electrical goods to clothes to flights.
The startup also partners with companies with a commitment to increase sales. Brands pay Super Payments, some of which are shared with the customer.