Funding Circle co-founder raises millions to launch payments start-up
Funding Circle co-founder Samir Desai has raised tens of millions of dollars to launch a payments firm.
Desai (pictured) has reportedly raised funding at a pre-money valuation of $60m (£45.97m) from investors such as Accel Partners, an early financier of Facebook, and venture capital firms Local Globe and Union Square Ventures.
The proceeds will be used to develop and launch Super Payments, which he hopes will disrupt payments giants Visa and MasterCard, according to a source cited by Sky News.
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Desai stepped down as chief executive of former peer-to-peer lending platform Funding Circle last year but transitioned into a non-executive role on the board.
Funding Circle’s board approved Desai’s involvement in Super Payments and the new start-up will not compete with the platform.
Read more: Regulation played a part in Funding Circle’s P2P exit
“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,” said a spokesperson for Funding Circle.
According to Funding Circle’s latest annual report, Desai was paid £629,000 in his final year as chief executive.
He did not receive any payments linked to his resignation but will be paid “the standard fee” of £55,000 for remaining as a non-executive on the board.
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