Snapcommerce grabs its cape and becomes Super • TechCrunch

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Mobile shopping experience company Snapcommerce is moving from commerce to fintech, revealing a new name, excellentAnd a new credit card product.

which company It raised $85 million last yeardescribes its SuperCash card as a “first-of-its-kind debt protection card” that provides users with rewards and cashback in a way that enables them to build credit.

Here’s how it works: Anyone can apply for the card—no credit checks or minimum purchases—and it’s attached to a user’s debit card. So they spend the same way, but instead of not getting any rewards from the debit card, SuperCash users get a whopping 10% cashback on SuperTravel, 5% on SuperShop and 2% anywhere else Mastercard is accepted Hussain Fazl, President Excellent executive, told TechCrunch.

When creating Snapcommerce, the company noticed that the majority of its customers were paying with a debit card.

“This is because they usually do not have access to credit or are afraid of credit, and in fact, 54% said they wanted to access credit but could not get it,” Fadl added. “Launching this SuperCash card makes you think holistically about how all of these things work together. For every spending decision our customers make, we want them to come to us because it’s a better way to spend because they’ll save 20% to 30% on hotels and build a credit score while getting 2% back cash”.

Radhika Dougal, Super’s chief marketing officer, told TechCrunch that the decision to change the company’s name to Super was a move to continue to be number one in customers’ minds.

“We’ve really delivered on the mission we’re trying to focus on enabling consumers to spend less, save more, and build credit to get the most out of their lives,” Dougal said. “Super” was a word I really gravitated to because it had the power, excitement, and positivity attached to it. We want consumers to feel that way and feel good about the decisions they make.”

Fadl explained that the strategy to shift from a commercial focus to a fintech focus was centered around Super customers and understanding how to best serve them.

The company relies on a lot of data, and when it was telling them that customers don’t just want to save more, they need to save more, he felt Super was “uniquely positioned to be able to help them do that” by approaching the intersection of commerce and financial technology and removing the barriers to Without getting a better credit score.

Meanwhile, Super has been on a waiting list, with Fadl saying 10% of its 7 million+ customers have signed up, and officially opened their credit applications today.

To date, Super has raised over $100 million in venture-backed capital, has sales over $1 billion, saved consumers $145 million, and based on the most recent quarter, has more than $100 million in annual net business revenue, Fadl said. Last year, the company increased its number of employees from 70 to 200.

“Achieving these growth levels has attracted the interest of incoming investors,” he added. “We have a lot of cash on the balance sheet, so we’re not going to try very aggressively to raise money, but kind of given all the benefits coming in, we’ll probably close some funding before the end of the year.”

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