AI Generated Image
The $1.2 billion startup that wants to become Amazon Prime for savings
Fortune • • business
Key Points:
- Super.com, a Toronto-founded savings app, has reached a $1.2 billion valuation after raising $65 million in a Series D funding round led by TPG, following over 50% year-over-year growth and surpassing $200 million in net revenue while turning profitable.
- The app offers a $15 monthly Super+ membership that provides discounts on hotels, cashback on purchases, prescription savings, cash advances, and credit-building tools, targeting everyday Americans with household incomes under $100,000.
- Originally launched as SnapTravel in 2016, the company pivoted after COVID-19 to focus on budget-conscious travelers and everyday consumers, now approaching one million Super+ members who have saved over $1 billion collectively.
- Notable new board members include Shopify president Harley Finkelstein, who praised the company’s mission to help Americans living paycheck to paycheck, and recent hires Ryan Fujiu and Michele Lee bring leadership in product and legal affairs respectively.
- Super.com faces competition from players like Rakuten, Capital One Shopping, and Chime in the growing personal finance apps market, which is projected to expand from $31.7 billion to $173.6 billion by 2035.
