Flipkart Likely To Lead $35-40 Mn Funding In Its Fintech Venture

Flipkart Likely To Lead $35-40 Mn Funding In Its Fintech Venture

SUMMARY

The funding round may also see participation from external investors for the first time

Super.money is reportedly looking at nearly 30% dilution in the new funding round

Super.money last month surpassed Amazon Pay in terms of the number of UPI transactions processed, after five months of its launch

Ecommerce major Flipkart is reportedly in talks to lead a $35-40 Mn funding in its fintech startup Super.money. 

The funding round may also see participation from external investors for the first time as per an ET report, citing sources. However, the e-commerce giant will retain the major ownership, the report said. 

It further added that Super.money is looking at nearly 30% dilution in the new funding. The details of the round will be finalised by the end of this month. 

Super.money last month surpassed Amazon Pay in terms of the number of UPI transactions processed, after five months of its launch. 

It emerged as the seventh largest player in the UPI ecosystem in November last year. Besides Amazon Pay, super.money overtook UPI players like WhatsApp and FamApp, and extended its lead over Groww, MobiKwik, BHIM and Jupiter Money. 

Super.money was first launched in June last year on Google Play Store in beta phase before its full-fledged launch later in August. The Bengaluru-based startup offers various financial offerings such as SuperUPI, SuperCard, SuperDeposit and SuperCash. 

It claims to be a platform which gives “actual” rewards on UPI transactions and credit cards and also provides instant loans via lending partners.

The fintech startup has been launching products after its beta phase ended. Most recently, Super.money launched a new fixed deposit (FD) offering, superFD last month. Under this, users can book FDs for as low as INR 1,000 and gain interest rates of up to 9.5%. 

The super app last month also roped in tech veteran Kaushik Mukherjee as its chief technology officer (CTO).

Super.money also launched a cobranded credit card, superCard, last year which allows users to get credit cards for limits as low as INR 90 by initiating deposits between INR 100 all the way to INR 10 Lakh.

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Flipkart Likely To Lead $35-40 Mn Funding In Its Fintech Venture-Inc42 Media
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