Flipkart’s fintech platform Super.money has partnered with Kotak811, the digital banking service of a leading commercial bank in India to combine UPI payments, savings and secured credit into one account that can turn customer activity into sustainable profits.
The partnership aims to issue about two million secured credit cards in the next year. Around sixty percent of these will go to first time borrowers. The target is to reach five million cards within two years. Super.money already has ten million active users. Its chief executive Prakash Sikaria said the Kotak partnership is expected to generate about ten percent of its revenue next year as the company looks to become profitable by 2026.
India’s Unified Payments Interface has enabled instant bank transfers at no cost. It now handles more than nineteen billion transactions every month. However, the lack of merchant fees means there is little scope for fintech firms to fund rewards or credit linked features. Super.money’s approach uses savings accounts and secured credit cards to bring incentives back into digital payments and build a sustainable business model alongside a zero fee transfers system.
“We do UPI not to solve the pure payment use case,” Sikaria told a common noun. “We do UPI to build an interesting cross financial services play where we are acquiring and retaining customers with the UPI.”
Launched in June 2024 after Flipkart separated from another payment platform in 2022, Super.money is already generating about three million dollars in monthly revenue with an annual run rate of thirty six million dollars. It has become one of the top five UPI apps in recent months, processing more than two hundred million transactions each month for four consecutive months through August, according to data from the national payments authority.
The company says personal loans make up around eighty percent of its revenue, credit cards contribute ten percent and the rest comes from payment related products. It also reports strong user loyalty with most transactions coming from customers under thirty.
Sikaria said the business is driven by two revenue streams. “The first is the financial services engine personal loans, cards, deposits and similar products and the second is commerce.” The goal is to introduce a pay in three model for online shopping inside the Super.money app.
The collaboration with Kotak Mahindra Bank gives Super.money access to large scale regulated banking systems. It follows a previous arrangement with another small finance bank for secured cards. The new joint offering is called a three in one Super Account which brings savings, UPI payments and a fixed deposit backed card together to help more people access formal credit.
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