Flipkart Group’s fintech arm, Super Money, has launched a co-branded credit card in partnership with Axis Bank, aiming to transform UPI payments for Indian consumers. This move is part of Super Money’s rapid expansion in the financial services sector, with a strong focus on achieving profitability by the end of 2025.
What Is Super Money?
Super Money is a free app that lets users send and receive money through UPI, India’s real-time payment system. The app offers more than just payments, featuring superUPI, superDeposit, and superCash, which allow users to earn interest, cashback, and rewards. Unlike other digital payment apps, Super Money’s core business is selling a wide range of financial services.
The New Co-Branded Axis Bank Credit Card
Super money’s new Axis Bank credit card offers 3% cashback on every UPI scan-and-pay transaction. The card runs on the RuPay network and can be linked directly to UPI accounts, making it convenient for daily spending. The company already has a secured credit card business with similar rewards, and about 10% of all super money transactions are through its virtual card segment.
Targeting the Long Tail of Indian Merchants
The new card is designed to be the “second card for everyone” or the preferred RuPay card, targeting not just big brands but also small merchants across India. super money aims to issue one million cards in the next year, using this product as a key tool for customer growth and monetisation.
Beyond Payments: A Neo-Banking Vision
super money’s vision goes beyond payments. The platform already offers personal loans, fixed deposits, and secured credit cards, with plans to expand into mutual funds, insurance, and wealth management. Credit distribution is currently the largest revenue stream, with personal loan assets under management crossing ₹5,000 crore.
Rapid Growth and Market Position
Since its launch in July 2024, super money has quickly become one of India’s top UPI apps, surpassing several established players. Its attractive rewards—up to 5% cashback on categories like food and travel—have helped build a loyal customer base.
Road to Profitability and Future Plans
super money is committed to building a sustainable business model, with all revenue coming from financial services rather than payments. The company is preparing for a new funding round, targeting unicorn status, once it achieves a working business model and profitability by the end of the year.