The $1.2 billion startup that wants to become Amazon Prime for savings

In 2022, Hussein Fazal flew 200 of his employees to Las Vegas to cash a $200 check at a payday loan shop. He then asked them to buy a week of groceries for a family on what was left so they could understand their customers’ experience. His company, Super.com was worth approximately $700 million at the time.

Super.com, is now a $1.2 billion company with around 300 employees. The Toronto-founded savings app for everyday Americans, raised $65 million Series D led by TPG, Fortune learned exclusively. The raise comes as the company surpasses $200 million in net revenue, grew over 50% year-over-year, and turned profitable.

The app functions like a Costco membership crossed with a financial services toolkit. For a $15 monthly fee, members get up to 40% off hotels, cashback on everyday purchases, prescription discounts, cash advances when they’re short, and credit-building tools. The company’s Super membership is approaching one million members and has helped customers put over $1 billion back in their pockets.

Premium credit card rewards programs—the Amex Platinums, the Chase Sapphire Reserves—are designed for high earners with high credit scores. All the while, lower-income consumers using debit or secured cards subsidize those rewards without seeing any of them. Fazal built Super to flip that. “There are 100 to 150 million Americans in that everyday American category,........

© Fortune