The founder of fintech lender Funding Circle has bagged $30m backing for a new payments startup aiming to take on giants like Visa and Mastercard.
Samir Desai, who stepped down as Funding Circle chief last year, has got the cash backing from a number of venture capital heavyweights for his new firm Super Payments, including early-Facebook investor Accel Partner, Sky News’ Mark Kleinman first reported.
Local Globe and Union Square Ventures have also backed the round which valued the pre-revenue start up at over $60m.
Desai continues to hold a 4.5 per cent stake and a non-executive director role at the London-listed lender Funding Circle, but bosses said they had given their blessing for Desai to pursue the new venture.
A spokesperson for Funding Circle said: “The board discussed, and are supportive of, Samir’s desire to explore a new business venture, whilst continuing as a committed long-term shareholder and valued member of Funding Circle’s board.”
While the structure of the firm is not yet known, it is understood it will not in any way compete with Funding Circle and will be looking to snap up market share from established payments giants.