SuperFi Raises $1 Million in Funding for Debt Prevention
The pre-seed round of funding for SuperFi, the debt prevention platform, has recently been announced, with a total of $1 million raised. The funding round was led by UK seed fund Ascension and its impact fund, Fair By Design. Other investors, including Force Over Mass, also participated in the round. The London-based fintech startup aims to assist the 18 million UK adults who are struggling to pay their monthly bills, providing them with tools and services to help manage their debt and prevent it from becoming a crisis. The founders of SuperFi bring a wealth of experience in banking and startup environments, with backgrounds in NatWest, Groupon, and Zava.
SuperFi's platform is designed to revolutionize debt management by offering users an overview of their debts and analyzing their financial and personal circumstances.
This information is then used to provide users with access to suitable debt prevention tools and services. With 18 million British adults struggling to pay their bills and credit commitments, there is a significant need for proactive debt management solutions. These individuals currently hold over £70 billion in unsecured debts. SuperFi aims to help these people manage their debt before it escalates into a crisis, potentially saving them £130 million in debt repayment costs by 2028.
In addition to the funding round, SuperFi has also received grant funding from the Greater London Authority as part of the Mayor of London's Challenge LDN scheme to combat poverty. This funding will allow SuperFi to prototype and test its platform with Councils and Housing Associations across London. The company plans to use the funding to support authorisation via the FCA's innovation sandbox and establish partnerships with London boroughs. By testing and refining the platform in London, SuperFi will be able to bring debt prevention tools to Londoners before expanding its services across the UK.
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