# Super.com Financial Model 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. - Canonical: https://finamodel.com/startups/supercom - Excel download: https://finamodel.com/startup-models/supercom.xlsx - Category: Biotech/Pharma - Model type: Marketplace / GMV - Funding round: Series C - Funding: $60M - Founded: 2023 - Geography: United States (hubs in San Francisco, New York, Miami, Toronto) [DECK, slide 5] - Customer: B2C ## About the company 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. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## 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): 1. Travel/hotel commissions - booking margin on discounted hotel inventory 2. SuperCash card economics - interchange fees and/or spread on prepaid card transactions 3. Financial product fees - credit-building subscription or fee 4. 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:** 1. **Assumptions** - all drivers centralized with scenario toggle (Base/Bull/Bear) 2. **User Cohorts** - new user additions by year, active rate, revenue per active user by product 3. **GMV & Revenue Build** - GMV by vertical (travel, shop, gas, grocery, etc.) × take-rate → net revenue 4. **Fintech Revenue Build** - SuperCash cardholders × ARPU + credit subscribers × monthly fee 5. **P&L (Income Statement)** - net revenue → gross profit → EBITDA → net income; 2023–2027 annual 6. **Opex Detail** - S&M (CAC × new users + retention spend), R&D, G&A 7. **Unit Economics Summary** - blended CAC, GP at first transaction, LTV:CAC at 12/24/36 months, payback period 8. **Cash & Runway** - opening cash + $60M raise, quarterly burn, runway to breakeven 9. **Dashboard** - GMV, net revenue, gross margin %, EBITDA, users, LTV:CAC; Base vs. Bull vs. Bear toggle ## Frequently asked questions ### Is the Super.com financial model free? Yes. The Super.com model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.