98. SuperFi: a new approach to debt management and financial wellness

Founders: Tom Barltrop and Nick Spiller
Year founded: 2021
Website: joinsuperfi.com

The cost-of-living crisis is squeezing the life out of the nation. Soaring energy bills and sky-high food prices have pushed millions of Brits to the brink. But while the struggle is real, the safety net is fraying. Half of those seeking help from debt organisations are turned away for not owning ‘enough’ for their formal debt solutions to be eligible.

When Tom Barltrop saw how this support gap affected a close friend, he was determined to do something to help people stay on top of their bills and out of problem debt.

The SuperFi mission is simply “Take back control”. The concept is unique in that it rewards residents with cashback for paying their bills on time. Use of the app is also free. Residents can save on average £1,488 a year, according to the SuperFi team.

So how does it make money? Users will likely be sceptical at first. But SuperFi has cleverly partnered directly with bill providers such as councils, utilities and financial institutions, who pay for their customers to have access to the app.

We’re working closely with major London councils like Newham, Tower Hamlets and Haringey to provide proactive financial support to residents.

By partnering directly with these entities, SuperFi can offer targeted early interventions and support, helping customers manage their obligations more effectively. In turn, this supports bill providers by improving payment rates and reducing the incidence of bad debt.

“We’re proud to have partnered with the Greater London Authority, where we’re working closely with major London councils like Newham, Tower Hamlets and Haringey to provide proactive financial support to residents,” says Barltrop.

SuperFi is backed by social impact and fintech VCs (it has so far raised around £755k in seed funding) which support businesses addressing the poverty premium.

One woman who used SuperFi, Barltrop says, discovered she was missing out on £5,000 of government benefits annually. She was also able to save a further £200 by moving onto a social tariff for her broadband – something he notes as a particular achievement.

In the coming years, SuperFi aims to help over 500,000 users save over £100m in debt repayments and interest.

With its focus on debt prevention as a better alternative to investing in debt collection, and providing the tools and services to take back control of personal finances, SuperFi is addressing a substantial gap in the market at a critical time for many cash-strapped and left-behind Britons.