SnapCommerce, an e-commerce platform that personalizes the mobile shopping experience for users, has rebranded to Super as the six-year-old Silicon Valley startup expands its offering to include fintech. SnapCommerce also renamed its additional offerings in alignment with the new core brand, living on Super.com: Snaptravel becomes SuperTravel and DailySteals becomes SuperShop.
In conjunction with the name change, the company also unveiled SuperCash, a new credit card product with debt-protecting cashback that allows users to build credit without the barriers within the traditional financial industry. The SuperCash card is issued by MRV Banks and powered by the Mastercard network.
The idea behind the cashback card was born after the company noticed that the majority of its customers didn’t have access to credit and were instead paying with a debit card. The company, which raised $85 million last year, said the SuperCash card will help to democratize access to savings, benefits, and rewards.
Unlike the traditional credit cards that offer 2% cashback, Super said SuperCash cardholders will earn 10% cash back on SuperTravel, 5% on SuperShop, and 2% wherever Mastercard is accepted. On top of it all, cardholders do not need to undergo credit checks, minimums, fees or interest.
Commenting on the SuperCash, Super CEO Hussein Fazal said: “The launch of SuperCash doesn’t just create incremental improvements, but rather stepwise changes that can enable the tens of millions of underserved Americans to improve their credit score and their life. It’s about time we level the playing field for all Americans who need access to credit simply to participate in everyday life,” says Super CEO Hussein Fazal. “We know that 55% of people with poor credit don’t have access to the goods and services they need to live the life they want. And that’s not ok.”
Founded in 2016 by CEO Hussein Fazal and Henry Shi, Super is a tech startup company at the intersection of fintech and commerce. Its product offerings include SuperCash (new product launch), SuperTravel (formerly SnapTravel), and SuperShop (formerly SnapShop).
A low credit score means a lot more than simply no access to credit cards: it can mean no access to mainstream credit, higher interest rates, higher insurance premiums, lower likelihood of getting hired for certain jobs, difficulty renting an apartment, and more. Armed with data that 70% of Super’s existing consumers paid with debit and 54% requested access to credit, Super met this opportunity with the launch of the SuperCash.
“We know that 57% of underserved Americans are ‘filled with dread’ just thinking about their credit score. With the launch of SuperCash, we’re building a brand new relationship with our users. We know, understand, and build solutions specifically for everyday Americans. As Super, we will continue to execute on our vision to provide access for everyone to experience more of what life has to offer – regardless of their income or circumstance,” says Radhika Duggal, Chief Strategy Officer, Super.
“We are proud to be powering SuperCash, a product closely aligned with our longstanding commitment to inclusive growth,” says Sherri Haymond, executive vice president of Digital Partnerships at Mastercard. “SuperCash has the potential to make a difference in people’s lives with each and every purchase, and we look forward to working together to bring even more people into the digital economy.”
Super is currently used by over 5 million customers worldwide and has helped them save over $145M to date. Super is backed by Steph Curry and has raised over $100MM USD and surpassed $1B in sales.
