Flipkart’s Super.money Plans To Raise External Funds, To Launch FDs, Credit Lines Via UPI

super.money, a fintech venture backed by Flipkart, recently introduced a co-branded credit card in partnership with Utkarsh Small Finance Bank. Dubbed as superCard, this new offering allows users to secure credit cards with limits starting as low as INR 90 by making deposits ranging from INR 100 to INR 10 lakh.

The platform, operated by Scapic Innovations, which Flipkart acquired in 2020, has already launched three financial products: UPI services, personal loans via the Flipkart app, and the superCard—a co-branded Rupay credit card.

However, the company has broader ambitions.

“We will have six products in the market in the coming weeks,” revealed Prakash Sikaria, Founder and CEO of super.money, during an interview with Inc42. He further emphasised that super.money operates as an independent entity, with Flipkart acting solely as an investor. Sikaria also hinted at external fundraising plans, saying, “This is something we will plan in December.”

The super.money app, launched in beta mode two months ago, has witnessed impressive growth, reaching 10 Mn UPI transactions and over 1 Mn app downloads. Sikaria shared that the company has been working on the project for more than nine months, and its primary focus is on integrating credit with UPI.

“Our focus has always been on credit, and we’re bringing that to UPI. The SuperCard Rupay card is our first product in this space,” Sikaria stated.

In a highly competitive fintech landscape, Super.Money aims to differentiate itself with a streamlined user interface.

“Many UPI apps today feel like banks, with cluttered interfaces. We wanted to bring back the fun and simplicity in payments, whether it’s through credit cards or UPI,” Sikaria explained. He added that the platform is designed to appeal to young, affluent users in India, offering a fast and vibrant experience.

After superCard, superCash And superDeposits To Be Launched Soon 

Sikaria revealed that the company would soon offer fixed deposits (FDs) and credit lines via UPI, a feature recently launched by NPCI. The introduction of unsecured credit cards is also on the agenda, aimed at users who typically graduate from secured to unsecured products.

“We’re building products to cater to this emerging economy, where even small transactions are becoming possible through UPI,” he said.

super.money’s current product line-up includes:

• superUPI
• superCards (secured and unsecured)
• superCash (secured and unsecured credit lines)
• superDeposits (FDs)

It is primarily targeting young professionals aged 20 to 35 with steady incomes.

“This group represents the vibrant Indian economy, and we feel they’re currently underserved by banks and fintech companies,” said Sikaria, outlining the company’s strategy to fill a gap in the market.

One of the company’s key focuses is on offering credit to users who may not qualify for traditional credit cards. “Many users, especially younger ones, are not eligible for traditional credit cards because they lack credit bureau profiles. We believe secured products can address this gap,” Sikaria explained.

On the TAM size, Sikaria averred that there are around 100 Mn credit cards in circulation, with 40 to 50 Mn users. He further added that the TAM for secured products could be as much as 5x that, reaching around 200-230 Mn users. “We see this as a significant opportunity, with secured payment products becoming a large part of the market,” he added.

On PhonePe Rivalry

With UPI, ULI and other credit products, Flipkart-backed super.money seems to be now competing with its spin-off sister company PhonePe. Both Flipkart and PhonePe are currently owned by US commerce giant Walmart. 

While PhonePe with 7 Bn transactions in the last month has held the lion’s share 46% of the UPI usage in India, super.money, too, has shown impressive growth and has registered over 10 Mn transactions in its very second month. 

And, amid the NPCI’s proposed 30% market cap limit for TPAPs from December 2024, which would force PhonePe and Google Pay to cut down their market shares from existing 46% and 36% to maximum 30%, super.money aims to be the 5th largest UPI player by the end of 2024.

Currently Axis Bank App is the 5th largest player with 108 Mn monthly transactions. 

Does this mean super.money is directly competing with PhonePe?

Sikaria clarified that their goals differ. “PhonePe is primarily a payments company. We’re focused on being a credit-first company with being more like a modern-day Bajaj Finance or SBI Cards, centered around financial services.”

External Fundraising On The Cards

Although super.money is currently well-funded, Sikaria disclosed plans to raise external capital. The company is expected to consider this move in December, depending on the performance of its products in the market.

“We’ll take a call on how much to raise and from where, once we’ve gathered more data and completed our next phase of product development,” he said.

With the backing of Flipkart and a clear focus on addressing gaps in the credit market, super.money is positioning itself as a key player with the aim of cross-selling Flipkart users first.

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