Funding Circle co-founder Samir Desai has secured an investment of $30m to develop and launch a payment firm, called Super Payments, Sky News has reported.

Accel Partners, Local Globe and Union Square Ventures joined the funding round.

Details of Super Payments’ business model were not immediately known but a source told the publication that Desai’s new venture aims to capture the market share of payment giants such as MasterCard and Visa.

Super Payments raised the funds from the blue-chip investors at a pre-money valuation of $60m.

Funding Circle was launched in 2010 and in 2021 Desai had announced plans to step down as the firm’s CEO.

He is still a non-executive director on Funding Circle’s board and owns a 4.5% stake in the lender.

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Super Payments will not compete with UK-based Funding Circle in any way and the latter’s board has approved Desai’s involvement in the new venture.

“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,” a Funding Circle spokesperson was quoted by the publication as saying.

Information on the new venture’s timelines is not out yet and Desai refused to comment further on Super Payments.

In October 2021, UK-based payment start-up Primer, which also counts Accel as its backer, raised $50m at a $425m valuation.