"India's free digital payments revolution has upended how money moves - but not how fintechs make it. Now, Flipkart's fintech arm Super.money is partnering with Kotak811, the digital offering of one of India's top commercial banks, Kotak Mahindra Bank, to change that, bundling UPI payments, savings, and secured credit into a single account aimed at turning usage into profit. The partnership aims to issue about 2 million secured credit cards in the next 12 months."
"Super.money, which already serves 10 million active users, expects the Kotak alliance to contribute around 10% of its revenue next year as it works toward profitability by 2026, chief executive Prakash Sikaria said in an interview. India's Unified Payments Interface (UPI), backed by the Indian government, has made instant bank transfers free and ubiquitous, processing more than 19 billion transactions a month."
""We do UPI not to solve the pure payment use case," Sikaria told TechCrunch. "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 as Walmart-owned Flipkart's latest fintech venture after spinning off PhonePe in late 2022, Super.money is already generating about $3 million in monthly revenue, with an annualized run rate of roughly $36 million, the executive said."
Flipkart's fintech arm Super.money is partnering with Kotak811 to bundle UPI payments, savings, and secured credit into a single account designed to convert usage into profit. The partnership plans about 2 million secured credit cards in the next 12 months—roughly 60% to first-time borrowers—and 5 million within two years. Super.money serves 10 million active users and anticipates the Kotak alliance contributing roughly 10% of revenue next year while targeting profitability by 2026. UPI processes over 19 billion transactions monthly, prompting Super.money to use secured cards and savings accounts to reintroduce incentives and monetize. Super.money currently generates about $3 million monthly, annualized at $36 million, and has processed more than 200 million UPI transactions per month for four straight months through August.
Read at TechCrunch
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