London-based financial app SuperFi has unveiled an innovative bill-payment cashback initiative to help users navigate the cost-of-living crisis. With funding from the Greater London Authority’s Tackling Poverty Challenge, this scheme provides practical tools to alleviate financial stress while promoting long-term financial health.
The cashback program integrates seamlessly with the SuperFi app, designed to help users manage their finances more effectively. By enabling users to track bills, access social tariffs, and connect with debt charity StepChange for tailored advice, the app offers a multi-faceted approach to preventing problem debt.
A Game-Changer in Financial Wellbeing
Since its launch, the SuperFi app has delivered impressive results. On average, users have saved £1,488 per year and reduced missed bill payments by 15% monthly. Through intelligent tracking, the app sends timely alerts when users are likely to miss a bill payment, enabling proactive financial management.
For those already facing financial difficulties, SuperFi goes a step further by connecting them with StepChange, a renowned debt charity, to provide expert guidance and specialist support. This feature ensures that users are not only equipped to manage their current financial challenges but also gain the tools needed to build a more stable financial future.
Innovative Support Backed by Strong Partnerships
SuperFi’s efforts are underpinned by its mission to combat financial inequalities. Having raised $1 million in pre-seed funding in 2023, SuperFi secured investments from UK-based seed fund Ascension, its impact-focused fund Fair By Design, and Force Over Mass. Strategic angel investors have also lent their support, underscoring the app’s potential to transform financial well-being.
A significant portion of SuperFi’s funding comes from the Greater London Authority. The grant reflects the authority’s commitment to supporting innovative solutions that address pressing social challenges, especially during the cost-of-living crisis.
SuperFi, co-founded by Tom Barltrop, aims to assist individuals with financial difficulties. The app has identified over £1 million in additional benefits, demonstrating its transformative impact on financial wellbeing.
Breaking Down Barriers to Build a Better London
The Greater London Authority, led by Deputy Mayor for Business Howard Dawber, is enthused by the initiative, highlighting the support of startups like SuperFi, which offer practical solutions to the cost-of-living crisis, emphasizing the importance of collaborative approaches in fostering a fairer and more prosperous London.
The SuperFi initiative stands as a testament to the power of public-private partnerships in addressing financial inequalities. The app bridges the gap between technology, social responsibility, and user-centric solutions, becoming an essential tool for Londoners grappling with rising living costs.
Transforming Financial Challenges into Opportunities
Financial pressures are mounting for many households, and SuperFi’s bill-payment cashback initiative offers a beacon of hope. Leveraging technology and fostering collaboration between the public and private sectors, the scheme demonstrates how innovative solutions can make a measurable difference.
SuperFi isn’t just another financial app; it’s a lifeline for those who need it most. Whether through tracking expenses, connecting users with available benefits, or offering direct debt support, the app empowers users to regain control of their finances—one step at a time.
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