SuperFi Raises $1 Million in Funding to Help Britons Manage Debt
A consumer debt advice start-up, SuperFi, has secured $1 million in external funding ahead of its public launch. The company aims to assist the estimated 18 million adults in the UK who are struggling with monthly household bills. The funding round, led by venture capital fund Ascension, also includes investments from Force Over Mass and a grant from the Greater London Authority.
SuperFi plans to launch later this year and aims to save users over £130 million in debt repayments over the next five years. The platform will provide users with an overview of their debts, analyze their financial circumstances, and offer access to suitable debt prevention tools and services. The company was founded by a group of technology executives with previous experience at NatWest Group and Groupon.
Research from StepChange, a debt charity, suggests that there are 18 million Britons who are not yet in payment arrears and therefore not eligible for formal debt solutions. This group collectively owes more than £70 billion in unsecured debts.
“We believe that debt management should be proactive, not reactive,” said Tom Barltrop, co-founder of SuperFi. “Our goal is to help millions of people struggling to pay their bills and credit commitments better manage their debt before it becomes a crisis.”
The new funding will be used to support authorization via the City regulator’s ‘innovation sandbox’ and to launch partnerships with London boroughs. SuperFi’s innovative platform, which operates on a partner-based business model, aims to address the massive scale of personal debt in the UK, which currently stands at over £1.6 trillion.
“With over £1.6 trillion in personal debt in the UK alone, the scale of the problem is massive, and SuperFi’s innovative platform is uniquely positioned to address it through a partner-based business model that remains on the consumers’ side as the business scales,” said Emma Steele, a partner at Ascension.
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