International law practice Osborne Clarke has advised Super Payments, founded by Samir Desai CBE, founder of Funding Circle, a FinTech which is aiming to disrupt the current online payments ecosystem, on its £22.5m million pre-seed funding round, one of the largest ever pre-seed funding rounds in Europe.
Venture capital firms Accel, LocalGlobe and Union Square Ventures participated in the funding round, alongside high-profile angel investors including the former CEO of WorldPay and founder of Betfair.
Samir Desai said: "Businesses and shoppers have been stung by huge fees on the internet for too long, in many cases without even knowing. We believe that the simple Super app can save shoppers and businesses billions a year. At a time of high inflation and increases in the cost of living, redistributing the huge profits of payment and digital advertising companies back to users will significantly improve people's lives."
Mark Wesker commented: "The Super Payments business plan has the potential to completely change the accepted online payments model by removing payments processors from the system, which will benefit both customers and retail businesses. We are delighted to have been able to assist Samir and his team to get this new venture off the ground, and are incredibly excited for what the future may hold for Super Payments."
Osborne Clarke's Financial Services Sector team advises clients ranging from start-ups, scale-ups/growth businesses and FinTech unicorns to challenger banks, payments, retail and consumer finance, platforms, large corporates and institutions as well as lenders, investors and industry bodies and regulators. The Corporate team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.