A startup founded by a CBE-winning fintech pioneer has seen its losses more than double year-on-year in 2023. Super Payments was founded by Samir Desai, a financial services trailblazer who co-founded Funding Circle, a pioneer of the peer-to-peer lending model. Desai, who launched Funding Circle in 2010, stood down as CEO of Funding Circle in 2021.

He was awarded his CBE (Commander of the British Empire) in the New Year’s Honours list of 2015 “for services to financial services”. He set up Super Payments, a payments startup which began trading in 2022. Super Payments raised £22.5m with backers including US VC firms ACEL, one of the early backers of Facebook. Local Globe and Union Square Ventures, two other big names in the venture capital arena, have also backed the startup.

According to accounts filed at Companies House, Super Payments LTD lost £13.1m in the year ending 2023, compared to a loss of £5.6m the year previous. The accounts do not divulge details of the reasons behind the increase in losses. The accounts also show that Super Payments has £992,000 cash in the bank.

According to its website blurb, Super Payments wants to “power free payments forever and everywhere for businesses, and more rewarding shopping for our members, so that everyone wins”. According to its LinkedIn page, over 200,000 UK shoppers are using Super Payments.

According to TechCrunch, the startup offers shoppers cash back on purchases through the app, from electricals to clothes to flights.

The startup also partners with businesses with the pledge to increase their sales. Brands pay Super Payments, some of which is shared back with the customer.