Fresh on the heels of an estimated $30 million funding round, London FinTech Super Payments has introduced a waitlist for shoppers to access its cash back app ahead of its undetermined launch.
The brainchild of Funding Circle Co-Founder and former CEO Samir Desai, Super Payments was created earlier this year with a “group of tech pros” to disrupt legacy players in the payments industry like Visa and Mastercard, according to a Wednesday (Aug. 17) LinkedIn post.
“We think that shoppers and businesses have been stung by huge fees on the internet for too long from payments and digital advertising companies,” Desai said in the post. “It is effectively a tax on the internet. We don’t like it, and so we can change it together.”
“We provide free online payments to businesses forever and instant cash back for shoppers,” Desai added in the post. “Super only makes money if businesses increase sales and if shoppers save money. We are customer obsessed and completely aligned with you. By moving the profits of payments and advertising companies back to businesses and shoppers, everyone wins.”
While the startup has yet to announce an official launch date, the Super Payments websites for shoppers and businesses are now live. Those who sign up for the shopper waitlist get a 5-pound (about $6) bonus. Businesses have the option to speak with an expert for more information.
In addition to undercutting card giants, Super Payments is also planning to take aim at Google and Facebook by enabling businesses to decide what commission they want to pay for customer acquisition campaigns.
“We know acquiring customers online is hard and expensive, typically costing 15%-30% through the traditional digital marketing platforms,” the company said on its website for businesses. “Super offers a fairer way to acquire customers and increase sales.”
Desai stepped down as Funding Circle CEO last year after co-founding the firm in 2010. He remains a non-executive director on its board and holds a 4.5% stake in the digital small business loan company, PYMNTS reported in April.
Read more: Funding Circle Founder Raises $30M to Disrupt Payments Giants
Accel Partners, Local Globe and Union Square Ventures backed the April funding round, giving Super Payments a pre-money valuation of $60 million.
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