Funding Circle founder bags $30m for new paytech

Samir Desai, the founder and ex-CEO of Funding Circle, has raised $30 million from investors including Accel Partners, Local Globe and Union Square Ventures for a new payments start-up at a pre-money valuation of $60 million, according to a Sky News report.

Desai has raised $30m for his new venture

While information about the new venture, named Super Payments, is currently scarce, and Desai has not yet made a formal announcement, it’s believed it will aim to disrupt and grab market share from established names such as Visa and Mastercard and will not compete with Funding Circle, according to Sky News sources.

Desai, who founded Funding Circle in 2010, stepped down as its CEO last year after 11 years in the role. He does however remain on the firm’s board as a non-executive director.

The peer-to-peer (P2P) lending firm raised around $300 million in an IPO in 2018 at a valuation of around $1.65 billion.