Nick Spiller, Co-Founder & CPO, SuperFi

Today we're meeting Nick Spiller, Co-Founder and CPO of SuperFi. The company rewards customers for paying their bills on-time and provides support if they can't.

Over to you Nick - my questions are in bold.

Who are you and what's your background?

I studied graphic design at university, but as the industry began shifting towards digital product design with a focus on user experience and interface design, I quickly recognized the need to adapt.

Alongside my fascination with finance, stocks, crypto, and investment fundamentals, this transition felt like a natural fit. After several years working for design agencies, where I specialized in designing and building websites and web apps, I joined the founding team of an early-stage fintech startup called Loot.

Loot was a student budgeting app linked to a debit card, launching around the same time as Monzo, Starling, and Revolut, but with a specific focus on helping students and first-time earners manage their money effectively from month to month.

Over four years, I played a key role in taking Loot from concept to launch in just three months, leading the product design team and shaping the overall strategy. By the time I left, we had grown the team to 80 across several European offices, serving 200,000 customers, and successfully completing multiple funding rounds. Following Loot, part of our team joined NatWest to work on their internal innovation projects.

In my senior leadership role there, I deepened my product knowledge by working across various teams, including Mettle, Bo, and NatWest's core product design team. After NatWest, I took on contract roles, helping early-stage fintech startups like Coconut, Nude, and Earnr bring their first products to market.

In addition to these roles, I co-founded a blockchain identity company called KwikTrust, alongside other industry experts. We developed and patented identity-backed NFTs, powering products like a digital signature platform tied to personal identities and a music royalty distribution platform. We also successfully launched our token, KTX, through an ICO.

Many years earlier in 2016, I’d immersed myself in the world of crypto, gaining a deep understanding of various chains and tokens. This passion led to my next full-time role at Xapo Bank, one of the original Bitcoin custodians, where we pioneered a global regulated bank account offering both Bitcoin and USD within a single wallet. With a growing desire to start my own business, I eventually joined an accelerator, where I met my co-founder, and together, we founded SuperFi.

What is your job title and what are your general responsibilities?

As the Chief Product Officer at SuperFi, my role goes well beyond traditional product management. I’m responsible for setting our product strategy, roadmap, and OKRs, while also leading our technical team to ensure the seamless delivery of core functionality. Staying true to my roots, I also handle all of SuperFi's product design.

On a daily basis, I engage with customers to understand their pain points and translate these insights into features that genuinely address their needs. I am deeply involved in testing new functionalities through design prototypes, ensuring that our decisions are always data-driven. This includes conducting research to gather the essential data points that inform our product development decisions—what to build, when, and how. I also manage our sprints with the tech team, focusing on frequent releases to maintain momentum and adapt swiftly to feedback.

Given our small but dynamic team, I take on a variety of roles, including product design, technical oversight, and research. My aim is to ensure that we continuously progress in a way that meets our customers' needs and aligns with our long-term vision.

Can you give us an overview of your business?

With the cost of living crisis putting increasing pressure on households, the average family is financially worse off than a year ago. This growing financial strain elevates the risk of failing to pay monthly bills. Last year, 8% of households defaulted on their bills, costing providers such as councils, lenders, and housing associations billions.

SuperFi aims to alleviate this issue by proactively identifying when customers might struggle to pay a bill and offering support before a default occurs. To keep customers engaged, we reward timely bill payments with rewards and provide assistance for those who face difficulties.

Customers earn cashback on each bill they pay, which can be used to offset monthly expenses, such as grocery bills or subscription services or making additional payments to their debt. SuperFi integrates with customers' open banking data to monitor their incoming and outgoing payments.

Using AI, we analyse and enrich these transactions to gain a comprehensive understanding of their current and future financial situation. If our analysis indicates a customer may struggle with an upcoming bill, we offer a range of support services. These include helping them apply for local assistance programs like social tariffs or utility discounts, and identifying potential eligibility for government benefits.

I recently spoke with a customer who discovered an additional £19,000 a year in unclaimed benefits—an amount that can be life-changing for her.

Tell us how you are funded?

My co-founder and I met whilst participating in a startup accelerator, Antler. This was where we came up with the business idea for SuperFi. At the end of the Cohort we secured an initial investment from Antler to get us started.

This investment allowed us to develop the business value proposition, while beginning to see initial traction. Since then we’ve gone on to raise significant pre-seed investment from a number of European VCs and industry angels: Ascension, Force Over Mass, Solano Partners, Fair By Design and the Mayor of Londons GLA fund.

What’s the origin story? Why did you start the company? To solve what problems?

The idea for SuperFi stemmed from my long-standing commitment to creating a positive social impact through every business I've been involved in. Throughout my career, I've supported various initiatives, from helping students navigate their first steps into budgeting to developing global products aimed at protecting life savings from government seizures and hyperinflation.

One statistic that has stayed with me since early in my career is that 80% of UK adults have less than £500 in savings. This figure is startling, but what truly struck me was the broader psychological impact this reality has on people's lives. When individuals lack savings, they are more prone to falling behind on household bills, defaulting on mortgages, or resorting to high-interest debt.

The consequences of financial strain are severe, with a direct link between financial difficulties and the consideration of suicide, a reality faced by 2.7 million people in the UK due to financial pressure. While there are mechanisms in place to help companies recover existing debt—often at the individual's expense through bailiffs and court orders—and charities like StepChange and Payplan offer vital support to those already drowning in debt, there is a glaring gap in support for those who are on the brink of financial hardship.

The data is clear: nearly one in three UK residents are missing payments, with mortgage arrears soaring by 50% amidst rising interest rates, and 6.1 million people are struggling to pay their energy bills. Motivated by these alarming trends, I became determined to leverage my understanding of the financial system and my experience in building fintech companies to create a solution that would provide much-needed support to those who are just about managing financially, before their situation becomes dire.

When I shared this vision with Tom, it resonated deeply with him, as he had witnessed these struggles firsthand through supporting friends and family. We both knew then that we were committed to dedicating the next decade and beyond to making a difference in this space.

Who are your target customers? What’s your revenue model?

SuperFi operates a B2B2C business model, collaborating with utility providers, councils, banks, and other institutions to assist them in supporting their customers before they fall behind on payments.

By delivering proactive support, we help our partners lower their costs associated with collecting arrears. We use these partnerships to target individuals who are just about managing financially - people who one unexpected bill would tip them into debt.

If you had a magic wand, what one thing would you change in the banking and/or FinTech sector?

I would address the concerning ease of access to credit, particularly through Buy Now, Pay Later (BNPL) products and short-term loans that allow customers to take on debt almost instantly with minimal credit checks. This ease of access can have devastating effects on vulnerable customers, as I've seen firsthand. We need to be more responsible with how this credit is issued, ensuring that terms are flexible and manageable for customers to repay.

It's all too easy for desperate individuals to manipulate short-term credit applications, which often bypass thorough credit checks and come with unfeasible interest rates and repayment terms. Strengthening support for vulnerable customers and curbing these risky practices should be a priority.

While the FCA's Consumer Duty whitepaper is a step in the right direction, many unregulated businesses continue to sidestep regulation, offering IVAs, short-term credit, and other financial products that can trap consumers in a cycle of debt.

What is your message for the larger players in the Financial Services marketplace?

I’ve given this a lot of thought, and some of the key topics I’d bring up with the leaders of major banks would include:

• Their future strategy on greenwashing and sustainability

Sustainability is no longer a buzzword; it's a fundamental shift that is reshaping the financial services industry. As regulatory pressures increase and consumers become more eco-conscious, integrating sustainability into your business model is not optional but essential. Investments in green finance, ESG (Environmental, Social, and Governance) products, and sustainable business practices will not only enhance your brand reputation but also open new avenues for growth. In the coming years, the financial services sector will likely see a surge in demand for sustainable products, and those who lead the charge will capture a significant market share.

• How they intend to capturing the next generation of deposits & mortgages

The demographic shift towards Gen Z and even younger cohorts is already having a significant impact on financial services. The fact that a 16-year-old is more likely to open a Monzo account than a Barclays account is a clear indicator of where the market is heading. If traditional banks do not adapt, they risk losing a significant portion of future deposits. To capture this next wave, they must rethink either their value proposition, or their approach to digital banking.

They need to be investing in user-friendly, mobile-first platforms, and create financial products that resonate with younger audiences. If they miss this opportunity, the outlook for deposits in the next decade could be bleak for high street banks. Neobanks are not just a passing trend; they are rapidly becoming formidable competitors, particularly as they diversify into more traditional banking products like mortgages I predict it will be harder to convince someone to take out a Nationwide mortgage, when they’ve banked with Monzo their whole financial life.

To keep mortgages competitive, traditional financial institutions need to focus on digital transformation, streamline the application process, and offer more flexible, personalised mortgage products. Leveraging technology to reduce overheads and pass on the savings to customers could be a key differentiator.

• Interest rate strategy in the future

In recent years, as the Bank of England raised the base rate to combat inflation, certain fintechs emerged as clear winners. Chip, in partnership with ClearBank, responded swiftly by increasing the savings rates offered to customers, leading to a significant influx of deposits as people shifted from traditional banks to fintechs for better interest returns. Neobanks like Monzo and Revolut also capitalised on this trend by enhancing interest rates to attract customers to their premium subscriptions.

As the Bank of England now moves towards lowering interest rates, resulting in corresponding reductions from fintechs and traditional banks, I'd be keen to discuss with high street banks how they plan to incentivise customers to return. Will they accept that those deposits might be gone for good, or do they have strategies in place to win them back?

Given that customers are more informed and have more choices than ever before, simply offering a slightly better rate won't suffice to encourage them to switch. Additionally, it raises the question of whether Monzo will introduce more loyalty programs, like their Greggs sausage roll perks, to keep customers subscribed.

Where do you get your Financial Services/FinTech industry news from?

The first and last place I check each day is Messari. Founded by Ryan Selkis of Cointelegraph, it’s my go-to source for all things Web3.

I also follow This Week in Fintech for concise updates on fintech news, with alerts set on my phone to get the latest articles as soon as they’re published.

Can you list 3 people you rate from the FinTech and/or Financial Services sector that we should be following on LinkedIn, and why?

• Richard Theo: If you’re not following him you certainly should. He’s a seasoned entrepreneur (Wealthify, Fintech Wales, ActiveQuote). He’s starting his latest venture, Zero, which I supported in their early days, and currently sit on the advisory board for. Primarily targeting  Gen Z, they’re building a bank for the climate conscious which pledges to never invest money into fossil fuels, unlike traditional financial institutions.
• Seamus Rocca: He took the reigns of Xapo Bank from Bitcoin ‘OG’ Wences Casares. While I worked there, it was clear Seamus had a clear vision of the path Xapo needed to be. In the last 5 years, they’ve sold an arm of their business to Coinbase, launched the most secure way to store crypto, introduced interest bearing Bitcoin wallets, which don’t involve staking or investment risk, and have recently launched a $200 million hedge fund with Hilbert Capital. They’re fast becoming ‘the’ crypto brand to watch.
• Joss Tasker: I really think Joss and Alex from Sync Savings are on to something with their embedded savings layer to open up inaccessible savings products to everyone. I’ve also heard they’re gearing up for a funding round so one to watch! [Note: Read Joss' FinTech Profile interview here.)

What FinTech services (and/or apps) do you personally use?

• Given I used to head product design at Xapo Bank, I think it’s only fitting I mention them here as I use their product on a daily basis. It’s great to see some of the offerings I supported during my tenure go live and grow. Earning interest on Bitcoin holdings without the risk of staking is a game changer.
• I use SuperFi everyday to check when my bills are due so I don’t miss any. With SuperFi I get rewarded with cashback every time I pay a bill on time. I put this cashback towards paying off my credit card, reducing the cost of my subscriptions and optimising my weekly Supermarket shop.
• I’m fascinated by market arbitrage, and market makers so recently have been using CryptoHopper to identify crypto exchange inefficiencies.

What’s the best new FinTech product or service you’ve seen recently?

Two companies I’m excited to see thrive are Sling Money and Navro. Sling are facilitating the effortless transfer of money between 50 countries instantly. Check them out at: https://sling.money/.

I had the pleasure of working with Navro co-founder Eddie at Loot for several years and am eager to see how Navro expands globally and advances the payment curation space in the future. Visit them at: https://navro.com/

Finally, let's talk predictions. What trends do you think are going to define the next few years in the FinTech sector?

When it comes to predictions, there’s a lot of buzz around AI and wealthtech, and while these sectors will undoubtedly continue to grow, I believe the next few years in fintech will be defined more by the adoption of decentralised finance (DeFi) and blockchain technology. At Money20/20 this year, I was struck by the noticeable decline in the presence of crypto companies compared to just a few years ago.

Despite this, the potential of blockchain, particularly through platforms like Solana Labs, is immense and largely untapped by traditional remittance companies. Stablecoins and blockchains like Solana have the capability to revolutionise global money transfers, potentially replacing the SWIFT network. With Solana, for instance, you can transfer money instantly, and it can be off-ramped to local fiat currency if needed. This eliminates the need for multi-bank transfers, account floats, and complex reconciliations—offering actual value transfer in under 30 seconds with minimal cost.

Additionally, there’s a significant opportunity for innovation in the pensions and annuities space. Imagine a product where you contribute a fixed amount each month, and it provides a clear, predictable annuity payout. Currently, there’s too much guesswork involved, particularly for those who aren’t financially savvy. More should be done to make pensions straightforward and transparent, helping people plan for their future with confidence.

I also couldn’t ignore the massive problem that SuperFi is solving. New data from August 2024 reveals that 1 in 3 people have missed a mortgage payment in the past 12 months. While there’s a lot of focus on debt collection and debt advice, these are reactive solutions to an avoidable problem.

At SuperFi, we’re building a preventive solution rather than a reactive one. I anticipate that more companies will emerge to tackle different aspects of this segment over the next few years, as others spot the gap in the market here. Addressing these challenges proactively could be a game-changer for many households, and I see this as a critical trend in the near future.

Thank you so much for taking the time to participate Nick!

You can find out more about Nick Spiller on LinkedIn and read more about his company SuperFi at joinsuperfi.com.