Super.com, a Toronto-founded savings app, raised $65 million in a Series D funding round led by TPG, the company confirmed. The startup, now valued at $1.2 billion with around 300 employees, surpassed $200 million in net revenue and achieved profitability. Its Super+ membership, which offers discounts and financial tools for a $15 monthly fee, is nearing one million members, according to fortune.com.
The funding round follows Super.com’s rapid growth, with over 50% year-over-year revenue increase. Founder Hussein Fazal previously demonstrated the company's customer focus by having employees experience living on a $200 check to understand users’ financial challenges. The app provides up to 40% off hotels, cashback on purchases, prescription discounts, cash advances, and credit-building tools, targeting everyday Americans with household incomes under $100,000, per fortune.com.
Super.com aims to disrupt premium credit card rewards programs that primarily benefit high earners by offering savings and financial services tailored to lower-income consumers. The app’s model helps users save money and build credit, returning over $1 billion to customers so far. This approach contrasts with traditional rewards programs subsidized by lower-income debit and secured card users, positioning Super.com as a notable player in the consumer finance sector, according to fortune.com.
The company’s growth and funding round mark a significant milestone as Super+ membership approaches one million users. The $65 million Series D led by TPG will support further expansion and service enhancements, solidifying Super.com’s position in the competitive savings and financial services market, per fortune.com.