{"id":786665,"date":"2026-07-07T19:13:08","date_gmt":"2026-07-07T19:13:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/786665\/"},"modified":"2026-07-07T19:13:08","modified_gmt":"2026-07-07T19:13:08","slug":"torontos-super-com-hits-1-2-billion-valuation-as-tpg-leads-65-million-financing","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/786665\/","title":{"rendered":"Toronto\u2019s Super.com hits $1.2-billion valuation as TPG leads $65-million financing"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Super.com CEO Hussein Fazal, left, and CTO Henry Shi. The company began as a online travel agency named Snaptravel but has evolved into a ‘super app’ worth US$1.2-billion.Carlos Osorio\/Globe and Mail<\/p>\n

U.S. asset management giant TPG Inc. TPG-Q<\/a> has led a US$65-million financing of Toronto \u201csuper app\u201d provider Super.com Inc., valuing the company at US$1.2-billion.<\/p>\n

The financing, announced Tuesday, increases Super\u2019s worth markedly since 2023, when it raised US$85-million from investors, giving it a valuation at the time of US$700-million. The deal was a mix of primary capital raised by the company and secondary capital, whereby investors in the deal bought out existing shareholders. The company did not disclose the mix of primary and secondary, but a filing with the federal government shows Super issued US$17-million in new shares as part of the deal.<\/p>\n

Super.com was founded in 2016 by chief executive officer Hussein Fazal and chief technology officer Henry Shi. It offers an array of products geared to customers Mr. Fazal describes as \u201ceveryday Americans\u201d \u2013 cost-conscious U.S. residents whose annual household income is below US$100,000. Super offers a Mastercard, a rewards program that provides cash back or discounts on travel bookings and every day purchases, credit-building tools and cash advances. Super packages its offerings into an Amazon Prime-style membership program that has about 950,000 members who pay US$15 a month. The membership program \u201chas been a big driver of growth and profitability\u201d for the 300-person company and has delivered more than $1-billion in savings to users, Mr. Fazal said in an interview.<\/p>\n

Super.com, which counts basketball star Stephen Curry, Shopify president Harley Finkelstein, Inovia Capital and consumer brand financier Lion Capital as investors, is profitable and generated US$200-million in revenue in 2025, up more than 50 percent from the prior year, making it one of Canada\u2019s largest privately held technology companies<\/a>. Mr. Fazal said he expects revenues to expand by at least 30 per cent this year.<\/p>\n

Super, which officially changed its legal name from Snapcommerce Technologies Inc. on Monday, has pivoted a couple of times. It started as an online travel agency called Snaptravel, then became Snapcommerce as it broadened its online offerings. Despite the hit to travel early in the COVID-19 pandemic, Super quickly rebounded as Americans hit the road again, and deep cost cuts even enabled it to eke out a profit in 2021.<\/p>\n

The company\u2019s founders also spent a lot of time in the early 2020s figuring out who its customers were, noticing that many paid for items with debit cards, not credit cards. It began tailoring its offerings to those \u201ctrying to make ends meet,\u201d Mr. Fazal said, partnering with Louisville, Kentucky-based Republic Bank & Trust Co. to offer a Mastercard, and added programs to help them save on a range of purchases through its app. Super introduced ways for customers to earn rewards and save money by playing games, filling out surveys and installing apps.<\/p>\n

Mr. Fazal said while Super\u2019s various products face competitors \u2013 Rakuten offers cash-back on purchases, Chime helps users build their credit score, and Expedia, Booking and Hopper dominate online travel \u2013 \u201cour app is pretty unique\u201d in banding the various offers into a membership program focused on lower-income earners.<\/p>\n

Super.com has also, like other tech companies, invested heavily in artificial intelligence. Using AI, Mr. Fazal said that Super can now fix software bugs in minutes, rather than weeks, and it personalizes its home page for each user to present tailored offerings based on what products they use. <\/p>\n

Super\u2019s financial advisor on the deal was J.P. Morgan Securities LLC, while Osler, Hoskn & Harcourt LLP and Skadden, Arps, Slate, Meagher & Flom LLP provided legal counsel. It received five offers and chose TPG as the deep-pocketed asset manger can continue providing support to later-stage financings through to a potential initial public offering, Mr. Fazal said.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Super.com CEO Hussein Fazal, left, and CTO Henry Shi. The company began as…\n","protected":false},"author":2,"featured_media":786666,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194291],"tags":[49,48,49174,3302],"class_list":["post-786665","post","type-post","status-publish","format-standard","has-post-thumbnail","category-toronto","tag-ca","tag-canada","tag-streetwise","tag-toronto"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/786665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=786665"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/786665\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/786666"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=786665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=786665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=786665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}