super.money

Overview

Super.money is a fintech platform backed by Flipkart, launched in July 2024. It focuses on offering various financial services integrated with the Unified Payments Interface (UPI), including digital savings products like fixed deposits, credit offerings, and secured credit cards. The company is headquartered in Bengaluru, India, and is led by Founder and CEO Prakash Sikaria. Since its inception, super.money has positioned itself as a significant player in the Indian fintech space, quickly rising in UPI transaction rankings.

Recent Developments

December 2024: Super.money achieved a major milestone by becoming the sixth-largest player on India’s UPI platform, processing 78.49 million transactions worth INR 3,130 crore in November 2024. This marked a 58% increase from the previous month.
Credit and Wealth Management Expansion: Building on its UPI success, super.money plans to expand its offerings to include credit on UPI, unsecured credit cards, and personal loans by mid-2025. The firm is also venturing into wealth management with the introduction of fixed deposits and plans to roll out mutual funds by next year.
New Products: In November 2024, super.money launched ‘superFD’, a fixed deposit product offering up to 9.5% interest, available through partnerships with RBI-approved banks. It allows users to invest digitally and in a paperless manner, starting from INR 1,000.
Appointment of New CTO: In a strategic move to enhance its technology stack, super.money appointed Kaushik Mukherjee as its Chief Technology Officer in late 2024. Mukherjee brings extensive experience from leading tech firms like Flipkart and Ola.
Market Performance: By the end of 2024, super.money plans to distribute 100,000 co-branded credit cards in partnership with Utkarsh Small Finance Bank, marking its ambition to become the largest open-ended credit card distributor in India.

Attribute	Information
Founding Date	July 2024
Headquarters	Bengaluru, India
Founders	Prakash Sikaria
Industry	Fintech
Number of Employees	Not publicly disclosed
Major Products	UPI services, superFD (fixed deposits), superCard (credit card)

Early History

Super.money was launched by Flipkart in July 2024 as part of its strategic expansion into the fintech sector after separating from PhonePe. Initially, the platform was positioned to leverage the growing digital payments landscape in India by offering a streamlined UPI-based payment service. The focus was on creating a seamless digital experience for users by incorporating cashback incentives and secure transaction options.

Company Profile and Achievements

Super.money operates on a business model that combines UPI payments with additional financial services like fixed deposits and credit cards. Notable achievements include:

Rapid Growth in UPI Transactions: Within six months of operation, super.money catapulted to the sixth position in UPI rankings in India.
Innovative Product Launches: The company introduced superFD, bringing traditional banking products like fixed deposits into the digital realm with attractive interest rates.
Credit Expansion: Plans to introduce unsecured credit products and a variety of wealth management services reflect its ambition to diversify and grow its user base.
Strategic Partnerships: Collaborations with several small finance banks to expand its financial services portfolio and enhance product offerings.
Leadership and Talent Acquisition: Appointment of a seasoned CTO to strengthen its technological infrastructure and support scalable growth.

Current Operations and Market Position

As of December 2024, super.money stands as a leading fintech innovator in India, with significant traction in UPI transactions. It holds a competitive edge through strategic alliances, a growing user base of over seven million, and planned expansions in credit and wealth management. Despite being a late entrant in the UPI space, super.money has rapidly climbed the ranks, driven by its focus on user experience and innovative financial products. The company continues to build its market share through customer-centric services and plans to become a major player in the financial services sector in India.

Conclusion

Super.money has positioned itself as a key player in the Indian digital payments and financial services landscape within a short period. With ambitious expansion plans, including new credit and wealth management products, and strong leadership with strategic partnerships, it seems poised for continued growth. The company's commitment to integrating UPI with innovative financial solutions suggests a promising future trajectory as it seeks to redefine user engagement in the fintech industry.