Flipkart-backed fintech startup Super.money is making significant strides in India’s digital banking sector. With a strong foundation in Unified Payments Interface (UPI) transactions, the company is expanding its services to include credit, wealth management, and insurance products, positioning itself as a leading neo-bank in the country.
Super.money’s Growth Trajectory
Since its inception in July 2024, Super.money has rapidly climbed the UPI leaderboard, processing 175 million transactions and becoming the fifth-largest UPI player in February 2025, surpassing competitors like CRED.
The company’s success is attributed to its integration within Flipkart’s ecosystem, offering users cashback incentives and seamless payment options. Super.money’s CEO, Prakash Sikaria, emphasizes the goal of becoming a top three to five neo-bank in India, leveraging the country’s robust digital financial infrastructure.
Diversification into Financial Services
Building on its UPI success, Super.money is diversifying its offerings:
- Credit Products: The company has introduced fixed deposits, personal loans, and a secured credit card in partnership with Utkarsh Small Finance Bank. The superCard allows users to obtain credit limits starting from INR 90, with deposits earning up to 9% interest annually.
- Wealth Management: Plans are underway to offer mutual funds and insurance products, aiming to provide a comprehensive suite of financial services.
Sikaria notes that Super.money’s approach involves collaborating with multiple banking partners to offer the best products to customers without being tied to a single service provider.
Strategic Acquisitions and Funding
In a move to enhance its credit offerings, Super.money acquired BharatX, a buy-now-pay-later (BNPL) fintech startup, in an all-cash transaction.
To support its expansion, Flipkart is reportedly leading a $35-40 million funding round for Super.money, with external investors participating for the first time. Despite the new investments, Flipkart will retain majority ownership, ensuring strategic alignment.
Competitive Landscape
Super.money’s rapid growth places it in direct competition with established players like PhonePe, Google Pay, and Paytm. However, its integration within Flipkart’s platform and focus on cashback incentives provide a unique value proposition.
The company’s strategy of embedding financial services into high-frequency ecosystems, such as e-commerce transactions, aims to create habitual usage among consumers.
Conclusion
Super.money’s ambitious expansion into neo-banking reflects the evolving landscape of India’s fintech sector. By leveraging Flipkart’s vast user base and focusing on customer-centric financial products, Super.money is well-positioned to become a leading digital bank in the country.Business Standard