Flipkart-backed fintech super.money has launched a co-branded credit card in collaboration with Utkarsh Small Finance Bank. This allows users to obtain credit limits starting as low as INR 90, with deposits ranging from INR 100 to INR 10 lakh. The superCard is part of Super.Money’s broader strategy to integrate credit services with UPI, enhancing financial accessibility and convenience, as reported by Inc42.
Operated by Scapic Innovations, which Flipkart acquired in 2020, super.money has already rolled out three financial products: UPI services, personal loans via the Flipkart app, and the superCard. The platform, which entered beta mode just two months ago, has quickly gained traction, recording 10 million transactions and over 1 million app downloads.
Prakash Sikaria, Founder and CEO of super.money, disclosed in an interview with Inc42, “We will be launching six new products in the market in the coming weeks.” He also highlighted that Flipkart will serve solely as an investor and super.money will operate independently.
The company’s efforts over the past nine months have been focused on creating a user-friendly interface and addressing gaps in the credit market. Super.Money plans to expand its offerings by introducing fixed deposits (FDs) and credit lines via UPI, as well as unsecured credit cards for users who have transitioned from secured credit products.
Targeting professionals aged 20 to 35 with stable incomes, super.money aims to cater to those who may not qualify for traditional credit cards. Prakash Sikaria, the leader of Super.Money, highlighted the significant potential in the credit market, noting that while there are currently 100 million credit cards in circulation, the market for secured credit products could be up to five times larger, reaching 200-230 million users.
With this approach, super.money seeks to position itself as a prominent player in the fintech space, leveraging Flipkart’s user base to address unmet needs and capture a substantial share of the credit market. Both Flipkart and PhonePe, which are owned by Walmart, are focusing on expanding their financial services through innovative solutions like super.money.
