Super.com Financial Model
Biotech/Pharma Startup Financials (Free Excel Download)
Super is a savings super app targeting low-income Americans, offering hotel discounts, cashback rewards (SuperCash), credit building, gas savings, phone plans, insurance, and pharmacy deals in one app.
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About this model
Super is a savings app for lower-income Americans, combining discounted hotels, SuperCash prepaid-card rewards, credit building, gas, phone, insurance, pharmacy, cashback, and grocery offers. Personalised app layouts and higher-frequency products aim to make the service habitual rather than dependent on occasional hotel bookings.
Revenue is inferred from travel commissions, card interchange, credit-building fees, and affiliate or partner commissions. The business reports roughly $1 billion of annualised GMV, with some commissions passed through as customer rewards; net revenue therefore depends on take rates, reward funding, active users, and category mix.
Super had more than 80 million registered users, $150 million-plus raised, $150 million-plus in delivered savings, about 80% gross margin, and net-revenue CAGR near 100% from 2018–22. The model should forecast active users, GMV, commissions, card economics, rewards, CAC, and retention.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
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Statements always balancing
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Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
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Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Super.com
super.com
How to build a detailed financial model for Super.com
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Super.com model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Core promise: help everyday Americans (HHI <$50K, low/no credit score) spend less, access credit, and experience more.
- Products in the app (active or planned):
- Hotels / travel (discount booking) - core product at launch
- SuperCash (prepaid/debit card + rewards wallet) - described as "core to the experience" and the flywheel anchor
- Credit building
- Gas savings
- Phone plans (20–40% off monthly plan)
- Insurance (pay-per-mile)
- Pharmacy discounts
- Shop (cashback, gift cards, card-linked offers)
- Grocery (local flyers, in-store coupons)
- Personalization: dynamic UI adapts layout/content to user behavior (travel-focused, cash-focused, dropped-off, etc.)
- Frequency strategy: expansion into daily/weekly use cases (gas, grocery, cash) to move out of the "forgettable zone" of hotel-only (bi-annual) frequency
Market
- Total addressable consumer pool: 183M consumers identified
- Secondary segment: 100M consumers - low/med income ($50K–$75K HHI), FICO >669
- Core target (SAM): 83M consumers - Gen X & Gen Y (age 25–56), HHI <$50K, FICO <669 or no score
- Customer behavioral stats: 41% have to save before they buy; 2% wait for products to go on sale
Revenue model
- Primary revenue streams (inferred from product mix; not broken out explicitly):
- Travel/hotel commissions - booking margin on discounted hotel inventory
- SuperCash card economics - interchange fees and/or spread on prepaid card transactions
- Financial product fees - credit-building subscription or fee
- Affiliate/partner commissions - gas, pharmacy, phone plans, shop cashback (pass-through structure mentioned: "pass all the commission to user" for some categories, implying retained margin on others)
- GMV-based business: reports ~$1B annualized GMV; net revenue is a take-rate on top of that
- Take-rate implied: ~$1B GMV vs. net revenue growing at ~100% CAGR - absolute 2022 net revenue figure not stated on bar chart but bars show steep growth 2018–2022
- Pricing to consumer: savings-first; SuperCash rewards passed through to users as rebate/cashback
Traction & metrics
- Launched: ~6 years ago (from deck date, implying ~2016–2017)
- Registered users: 80M+
- Annualized GMV: ~$1B
- Net revenue CAGR 2018–2022: ~100%
- Capital raised to date: $150M+
- Direct savings delivered to customers: $150M+
- Gross margin: ~80%
- Absolute net revenue figures by year: not labeled on bar chart - bars show accelerating growth from 2018A through 2022A
- Team size: 223 full-time
Unit economics
- Gross margin: ~80%
- Payback: customers payback gross profit on their first transaction
- LTV:CAC at first transaction (GP basis): ~2x
- LTV:CAC over 36 months (GP basis): 4x+ estimated
- Cohort trend: consistently improving GP LTV:CAC across customer cohorts
Competition / moat
- Not addressed directly in deck
- Implied moats:
- 80M+ user base (distribution scale)
- SuperCash flywheel: travel/shop transaction history feeds personalized savings suggestions, increasing engagement and retention
- Data moat: transaction history enables targeting of financial products (credit building, insurance)
- Mission-fit brand targeting underserved segment with limited alternatives
Team & funding ask / use of funds
- Co-founders:
- Hussein Fazal - Co-Founder & CEO (previously AdParlor)
- Henry Shi - Co-Founder & COO (previously LendUp, Google)
- Key executives: Radhika Duggal (CMO, ex-Chase/CommonBond), Daniel Weisenfeld (CFO, ex-BofA Securities)
- Independent board: Clem Bason (ex-Hotwire), Rick Galasieki (ex-Green Dot/MetaBank), Eitan Sisso (GM SuperShop/DailySteals), Kevin Keller (ex-Amazon General Counsel), Joanne Bradford (ex-COO/CMO SoFi), Anan Kashyap (ex-CFO Poshmark)
- Raise: $60M Series C
- Use of funds: grow existing savings use cases; expand into new use cases
- Prior capital raised: $150M+
Recommended financial model
- Archetype + why: Multi-product consumer marketplace / fintech super app model. Super has two intertwined revenue engines: (1) a marketplace/affiliate GMV layer (travel, shop, gas, pharmacy) with a commission take-rate, and (2) a fintech card/credit layer (SuperCash interchange, credit-building fees). The right archetype is a GMV take-rate + fintech fee 3-statement model, similar to a neobank-meets-OTA hybrid. A pure SaaS ARR model does not fit (no subscription base stated). A DTC inventory model does not fit (asset-light bookings). The GMV + attached financial products structure mirrors companies like Honey/Rakuten (commerce) + Chime (fintech).
- Forecast horizon & granularity: 5 years (2023–2027), annual columns with monthly detail for Year 1 only. Deck is Series C, so investors need a 3–5 year path to scale/profitability.
- Key drivers & assumptions:
| Driver | Value | Source |
|---|---|---|
| Registered user base (2022 base) | 80M+ | - |
| Annualized GMV (2022) | ~$1B | - |
| Net revenue CAGR 2018–2022 | ~100% | - |
| Gross margin | ~80% | - |
| GP LTV:CAC at first transaction | ~2x | - |
| GP LTV:CAC over 36 months | 4x+ | - |
| Series C raise | $60M | - |
| Net revenue growth post-raise (Yr 1) | ~60–80% | step-down from ~100% CAGR as base grows; Series C capital deployment accelerates new verticals |
| Net revenue growth (Yr 2–3) | ~40–60% | maturation of travel + ramp of SuperCash and credit products |
| Net revenue growth (Yr 4–5) | ~25–35% | large base, product mix shift toward higher-margin fintech |
| Blended take-rate on GMV | ~10–15% | implied by ~$1B GMV and a high-growth net revenue line; consistent with OTA/marketplace comps |
| GMV growth rate | ~50–70% | lags net revenue growth as new product lines (fintech, phone, grocery) add net revenue with lower GMV |
| Gross margin (stable) | ~80% | high-quality signal; typical of software/marketplace with minimal COGS |
| S&M as % of revenue (Year 1) | ~50–60% | growth-stage consumer fintech; fast CAC payback (first transaction) supports aggressive spend |
| S&M as % of revenue (Year 5) | ~25–30% | leverage as cohorts mature and cross-sell from existing 80M users reduces blended CAC |
| R&D as % of revenue | ~15–20% | multi-product platform with active roadmap (grocery, insurance, gaming) |
| G&A as % of revenue | ~10–12% | 223 FTE; remote-first keeps real estate low |
| EBITDA breakeven | Year 3–4 | typical Series C consumer fintech trajectory at this growth rate |
| New users added annually (base case) | 15–20M | implied by reaching 80M over ~6 years; $60M raise accelerates UA |
| Monthly active rate on registered base | ~15–25% | marketplace/app comps; actual MAU not disclosed |
| SuperCash card ARPU contribution | ~$20–40/yr per active cardholder | interchange-driven; benchmarked against prepaid/neobank comps |
| Credit building fee | ~$5–10/mo per subscriber | consistent with Self/Credit Karma secured card comps |
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: Net revenue growth steps down to 30–40% post-Series C (macro headwinds on low-income consumers; competitive pressure from Rakuten/Capital One Shopping); gross margin compresses to ~70% as fintech products scale; breakeven pushed to Year 5.
- Base: ~60–80% growth Year 1 stepping to ~30% by Year 5; gross margin holds ~80%; EBITDA positive Year 3–4; SuperCash and credit products begin contributing meaningfully by Year 2.
- Bull: 100%+ growth continues 1–2 more years (new verticals ignite fast); GMV reaches $3–4B by 2025; fintech products achieve 30%+ of net revenue mix at higher margins; EBITDA positive Year 2–3.
- Flex variables: user growth rate, MAU%, blended take-rate, S&M efficiency (CAC), fintech product adoption rate.
- Required sheets / outputs:
- Assumptions - all drivers centralized with scenario toggle (Base/Bull/Bear)
- User Cohorts - new user additions by year, active rate, revenue per active user by product
- GMV & Revenue Build - GMV by vertical (travel, shop, gas, grocery, etc.) × take-rate → net revenue
- Fintech Revenue Build - SuperCash cardholders × ARPU + credit subscribers × monthly fee
- P&L (Income Statement) - net revenue → gross profit → EBITDA → net income; 2023–2027 annual
- Opex Detail - S&M (CAC × new users + retention spend), R&D, G&A
- Unit Economics Summary - blended CAC, GP at first transaction, LTV:CAC at 12/24/36 months, payback period
- Cash & Runway - opening cash + $60M raise, quarterly burn, runway to breakeven
- Dashboard - GMV, net revenue, gross margin %, EBITDA, users, LTV:CAC; Base vs. Bull vs. Bear toggle
Frequently asked
Is the Super.com financial model free?+
Yes. The Super.com model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Super.com's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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