Debt management fintech SuperFi raises $1m pre-seed round to combat ‘cost of living crisis’

SuperFi, a new UK fintech aiming to help debt-laden consumers facing the cost of living crisis, has raised a $1m pre-seed round of funding.

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.

Up to 18 million British adults are currently struggling to pay monthly bills and service existing debt, according to research from StepChange. 

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. 

Baltrop, who is the company’s CEO, was an early employee at Groupon UK and more recently led European health tech startup Zava’s UK business. 

"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,” said Barltrop.

Spiller, who is chief technology officer, has previously worked at Natwest and Xapo as well as consulted for numerous high-growth fintechs.

Seed investor Ascension led the funding round, which also includes a grant from the Greater London Authority. SuperFi has also previously been backed by VC Antler.