Snapcommerce Expands into Fintech, Launches SuperCash Builds $145M in Consumer Savings
Super’s corporate brand includes a savings ecosystem for several products
SAN FRANCISCO, 18 October 2022 /PRNewswire/ — SuperCash, launched today, is the unique debt protection cashback card that allows users to build credit without the barriers of the traditional financial industry. Low credit and credit invisible individuals will use $250,000 or more on interest and fees over the 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, minimum requirements, fees or interest.
SuperCash
“The launch of SuperCash creates not just incremental improvements, but rather step changes that could enable tens of millions of underserved Americans to improve their credit scores and their lives. It’s time to level the playing field for all Americans who need access to credit right and simply to participate in everyday life,” says Hussein Fazal, CEO, Super. “We know that 55% of people with bad credit don’t have access to the goods and services they need to live the life they want. And that’s not okay.”
A low credit score means a lot more than just no access to credit cards: it can mean no access to regular credit, higher interest rates, higher insurance premiums, a lower likelihood of being hired for certain jobs, difficulty renting an apartment, and more. Armed with data that 70% of Super’s existing consumers paid by debit and 54% requested access to credit, Super met this opportunity with the launch of 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 get the most out of life. The company’s additional offerings have been rebranded in line with the new core brand, which lives on Super.com: Snaptravel will become SuperTravel and DailySteals will become SuperShop.
“We know that 57% of underserved Americans are ‘filled with fear’ just thinking about credit scores. With the launch of SuperCash, we’re building a whole 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 of providing access for everyone to experience more of what life has to offer – regardless of income or circumstance,” says Radhika DuggalChief Strategy Officer, Super.
“We are proud to operate 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 every purchase, and we look forward to working together to bring even more people into the digital economy.”
Superformerly Snapcommerce, has moved on 100 million dollarssurpassed 1 billion dollars on sale, and has saved consumers 145 million dollars to date. For more information, visit www.super.com.
About Super
Super is the technology company at the intersection of fintech and commerce that gives users the opportunity 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 goods to good hotel offers – as well as the hub that enables rich cashback and credit building on every transaction. Super’s product offering includes 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 145 million dollars to date. Super is supported by Steph Curry and has raised over $100MM USD and surpassed 1 billion dollars on sale.
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1https://www.businessinsider.com/cost-of-credit-score-over-lifetime-2014-11
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