Flipkart’s fintech subsidiary, Super.money, has entered into a strategic partnership with Kotak811, the digital banking arm of Kotak Mahindra Bank, to expand access to digital payments, savings, and credit services through a unified account offering. The collaboration is expected to boost credit access for first-time borrowers while enabling Super.money to scale its financial services portfolio.

Under the partnership, both firms plan to issue approximately two million secured credit cards within the next year, with a focus on onboarding new-to-credit users. The target is to reach five million cards within two years. Super.money, which currently serves about 10 million active users, anticipates that this alliance will contribute around 10 percent of its revenue in the coming year, according to Chief Executive Officer, Prakash Sikaria.
India’s Unified Payments Interface (UPI) has revolutionized money transfers by allowing free and instant bank-to-bank transactions, processing over 19 billion transactions every month. However, the no-fee structure has posed challenges for fintech businesses trying to monetize digital payments. Super.money aims to address this by introducing a system where users can access rewards and benefits through a savings and secured credit product layered on top of UPI usage.

“We use UPI not just as a payment feature, but as a gateway into a broader financial ecosystem,” Sikaria said in an interview. “Our goal is to acquire and retain customers through UPI while offering them additional financial products that meet their everyday needs.”
Launched in June 2024 after Flipkart separated from PhonePe in 2022, Super.money has reported an estimated annual revenue run rate of $36 million. Recent data from the National Payments Corporation of India shows the platform consistently processing over 200 million UPI transactions monthly in the last four months.

Currently, personal loans account for about 80% of Super.money’s revenue, while credit cards and payment-based services contribute 10% each. The platform’s user base is largely youthful, with 60 to 70 percent of transactions driven by customers below the age of 30.

The new collaboration introduces a “3-in-1 Super Account”, which combines a savings account, UPI payment services, and a secured credit card backed by a fixed deposit. Users can open the account with a minimum deposit of ₹1,000, which earns interest while also enabling access to credit without the need for income documentation. Each transaction made through the card provides cashback benefits.

Sikaria explained that secured credit cards were chosen to align rewards with India’s UPI framework while maintaining regulatory compliance. “UPI serves as a high-engagement entry point, but our aim is to prioritize users who want to grow with our financial service offerings,” he said.
Super.money recently partnered with Juspay to introduce a one-click checkout service for online merchants, currently used by nearly 1,000 businesses. The secured card model enables the platform to earn merchant discount revenue, which is then used to fund cashback incentives.
The company plans to roll out about 200,000 secured cards monthly in partnership with Kotak Mahindra Bank, before expanding similar collaborations to additional banks.

Flipkart has invested approximately $50 million in Super.money to support its initial growth. Sikaria stated that the fintech intends to raise further capital to scale operations and continue product expansion. He confirmed that discussions with external investors are ongoing.
Despite rapid expansion, Sikaria emphasized that Super.money is maintaining a controlled burn rate and focusing on a targeted user base. “We are focused on India’s top 10 to 30 million financially active users,” he said. “Our objective is to build a strong secured card portfolio that remains profitable for the bank, the platform, and our customers.”

Source: Techcrunch