UK-based fintech startup Super Payments has announced it raised GBP 22. 5 million in one of the largest pre-seed funding rounds in Europe, to provide free online payments to businesses and rewarding shopping cashback to customers.

The funding round was led by Accel, with the participation of Union Square Ventures and a series of angel investors, including the former CEO of WorldPay and the CEO of Funding Circle. Founded in 2022, Super aims to change the payments industry by allowing businesses to avoid high ecommerce and advertising fees by offering free payments in return for a commission, which is then shared as instant cashback to shoppers who use Super to pay for their online purchases. How is Super different? Super eliminates the high fees charged by payments and digital advertising companies, allowing both businesses and customers to keep more of their money when buying and selling through Super.

Typically, businesses pay up to 5% fees to accept ecommerce payments between 15% and 30% to get sales through digital advertising companies. Super aims to provide free payments to businesses and allows them to offer shoppers instant cashback when they pay using Super. Businesses can set their own commission to give to Super to drive new sales and, in return, customers will use more of their money when paying with the app, which can prove advantageous for all three parties involved.

What’s new? Super has also opened a waitlist on their website so that both businesses and individual customers to join ahead of the official launch in the UK, which will happen later in 2022. Shoppers who sign up as ‘early birds’ will gain access sooner to the Super app and earn a GBP 5 bonus as cashback for their first online purchase. The startup is founded by the former CEO and co-founder of Funding Circle, Samir Desai.

Since its inception, Funding Circle has offered around GBP 14 million in loans to over 120,000 of small businesses, driving innovation in the fintech and payments field. .