Flipkart-Backed super.money Plans Stock Broking Foray

As fintechs make a beeline for the stock broking space, Flipkart-backed Super.money has become the latest startup to explore entry into the segment.

In a post on X, super.money cofounder and CEO Prakash Sikaria said that the company is building a trading interface by leveraging unified payments interface (UPI) and artificial intelligence (AI).

“At super.money, we’re reimagining stock trading for the next wave of investors… We believe investing shouldn’t feel intimidating, cluttered, or built only for the “experts.” That’s why we’re building a radically simplified trading interface at (the) intersection of UPI, AI and broking — one that makes it effortless for millions of new investors to get started,” said Sikaria. 

He also said that the company is ramping up hiring, adding that it is looking to onboard senior engineers and software architects. 

This is more in line with what Sikaria said last month. At the time, he hinted that super.money’s foray into the stock broking segment would be centred around the thesis that a trading platform shouldn’t be built “just for experts”. 

Launched in July last year, the Flipkart-backed fintech has overtaken players like CRED, Amazon Pay and WhatsApp Pay on the UPI charts, helped by aggressive cashback campaigns and discounts. Targeting young and digitally savvy users, the startup offers digital payments, credit, buy now pay later (BNPL) offerings, fixed deposits. 

It also recently acquired checkout financing startup BharatX to further bolster its credit portfolio.

With this, super.money has joined the growing league of fintech startups mulling or launching invest tech in recent months. While new entrants like Paytm Money, PhonePe, and INDMoney have already been making waves in the space, the likes of giants such as Jio Financial Services, Mobikwik and CRED are also lining up plans to take on Zerodha and Groww.

The stock broking push has largely been led by the Reserve Bank of India (RBI) tightening its norms around fintech, especially with regards to digital lending. As such, many startups are moving into the segment to boost engagement and revenue

“Unlike lending, where the collection and defaults weigh heavily on the company’s balance sheets, stock broking offers safer monetisation avenues like brokerage fees, margin trading, advisory services, loans against securities and portfolio management. These are relatively operationally inexpensive too,” an industry insider earlier told Inc42. 

At the heart of all this is the broader Indian security brokerage market, which is reportedly projected to become a $6.21 Bn market by 2030.