SuperFi, the London-based debt prevention platform, has announced a $1m pre-seed funding round to support people during the cost of living crisis.
In brief:
-The round was led by UK seed fund Ascension and its impact fund, Fair By Design, and includes Force Over Mass, and a number of other prominent investors.
-The London-based startup, which was founded by Tom Barltrop and Nick Spiller, will use the cash in its bid for authorisation via the FCA’s innovation sandbox. It is also planning a number of partnerships with London boroughs ahead of a full launch later in 2023.
-The company seeks to help those not yet in arrears but still struggling to pay bills by providing users with an overview and analysis of their debts and then giving users access to debt prevention tools and services.
What does this mean?
Tom Barltrop, co-founder of SuperFi, said, “We believe that debt management should be proactive, not reactive. 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. In doing so, we believe we can help British people during the cost of living crisis – saving businesses and society billions associated with problem debt.”
SuperFi’s platform, which helps users stay on top of their monthly bills and credit commitments and out of problem debt, has the potential to save users £130m in debt repayment costs by 2028.
