Snapcommerce Expands To Fintech, Launches SuperCash Building On $145M of Consumer Savings
Company rebrand to Super encompasses multi-product savings ecosystem
SAN FRANCISCO, Oct. 18, 2022 /PRNewswire/ -- SuperCash, launched today, is the unique debt-protecting cashback card that allows users to build credit without the barriers within the traditional financial industry. Low credit and credit invisible individuals will spend $250,000 or more on interest and fees over their lifetime1. Democratizing access to savings, benefits and rewards, SuperCash cardholders earn an impressive 10% cashback on SuperTravel, 5% on SuperShop, and 2% wherever Mastercard is accepted. No credit check, minimums, fees or interest.
"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 Hussein Fazal, CEO, Super. "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."
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.
SuperCash is launched by Super, formerly Snapcommerce, is issued by MRV Banks and powered by the Mastercard network. The rebrand, announced today, introduces Super as the technology company at the intersection of fintech and commerce that empowers users to spend less, save more, and build credit so they can make the most out of life. The company's additional offerings are renamed in alignment under the new core brand, living on Super.com: Snaptravel becomes SuperTravel and DailySteals becomes SuperShop.
"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, 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, formerly Snapcommerce, has raised over $100M, surpassed $1B in sales, and has saved consumers $145M to date. For more information, visit www.super.com.
Super is the technology company at the intersection of fintech and commerce that empowers users to spend less, save more, and build credit - so they can experience more of what life has to offer. Super is home to the best prices on everything from discounted everyday items to great hotel deals - as well as the hub that enables rich cashback and credit building on every transaction. Super's product offerings include SuperCash (new product launch), SuperTravel (formerly SnapTravel) and SuperShop (formerly SnapShop). Super is trusted 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.
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