The free digital payments revolution in India has transformed how money is transacted, but not how fintech firms generate revenue. Super.money, Flipkart’s fintech division, is partnering with Kotak811, the digital platform of Kotak Mahindra Bank, a leading Indian commercial bank, to address this by combining UPI payments, savings, and secured credit into a unified account aimed at monetizing usage.
The collaboration seeks to issue approximately 2 million secured credit cards in the coming year, with about 60 percent going to individuals borrowing for the first time, and 5 million within two years. Super.money, which already has 10 million active users, anticipates that the Kotak partnership will contribute around 10 percent of its revenue next year as it progresses towards profitability by 2026, according to chief executive Prakash Sikaria in an interview.
India’s government-backed Unified Payments Interface (UPI) has enabled instant bank transfers for free, becoming widespread and processing over 19 billion transactions each month. However, this success has left limited opportunities for fintechs to generate profits, as regulators, including the Indian finance ministry, prohibit merchant fees that typically finance rewards and credit programs. Super.money’s approach — utilizing a secured card and savings account to reintroduce incentives — provides a blueprint for creating sustainable business models on top of systems with no transaction fees.
“We utilize UPI not just for basic payment use,” Sikaria stated to TechCrunch. “We use UPI to create an appealing cross-financial services offering where we attract and retain customers.”
Super.money, launched in June 2024 as Flipkart’s newest fintech venture after spinning off PhonePe in 2023, and owned by Walmart, is already generating approximately $3 million in monthly revenue, resulting in an annualized run rate of around $36 million, according to the executive.
The fintech app has become one of the top five UPI platforms in India recently, handling more than 200 million transactions monthly for four consecutive months through August, as reported by the National Payments Corporation of India, the governing body of the system.
Approximately 80% of Super.money’s revenue comes from personal loans, 10% from credit cards, and the remaining 10% from payment products, such as bill payments and recharges. The fintech reports a user retention rate of about 85%, with 60–70% of its transactions coming from customers under the age of 30.
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Sikaria explained that Super.money’s business model depends on two revenue streams. “The first is the financial-services aspect — personal loans, cards, deposits, and similar products — and the second is commerce,” he mentioned. “Our plan is to implement a ‘pay-in-three’ model similar to Klarna on top of commerce, creating a financial layer that enables customers to buy now and pay later within the Super.money environment.”
The partnership with Kotak Mahindra Bank, the fourth-largest lender in India by market capitalization, provides Super.money with access to a substantial, regulated banking structure. This follows a previous collaboration with Utkarsh Small Finance Bank to offer secured cards specifically through its platform, signifying the fintech’s expansion into traditional retail banking.
The collaboration introduces what the companies are calling a “3 in 1 Super Account,” which combines a savings account, UPI payments, and a fixed-deposit-backed secured credit card, aimed at increasing credit access for individuals borrowing for the first time.
To open a 3-in-1 Super Account, users are required to make a minimum fixed deposit of ₹1,000 (approximately $11). The account earns interest on the deposit and offers cashback on all transactions. It also features a UPI-on-credit option — a credit line supported by the deposit that does not need income verification.
Sikaria shared with TechCrunch that secured cards were chosen as the main product because they are compatible with India’s UPI system, which has zero fees, while still enabling the rewards and cashbacks that the platform was not originally designed to accommodate.
“Our aim is to attract users who are more inclined to engage with our offerings,” he stated. “UPI serves as the primary tool for engagement and acquisition, but we don’t want to serve individuals from a UPI or payment standpoint if they are not interested in financial services or other products that we offer.”
The partnership between Super.money and Kotak Mahindra Bank follows Super.money’s recent collaboration with Juspay, which is backed by SoftBank, to introduce a one-click checkout experience for online retailers, primarily targeting direct-to-consumer brands.
Approximately 1,000 merchants are already utilizing the solution, and Super.money intends to broaden that network through partnerships with additional D2C businesses and other entities within the Flipkart group, according to Sikaria.
The secured card generates merchant discount revenue on transactions, which funds the cashback, Sikaria stated. “Additionally, we charge a standard acquisition fee to the partner bank, which also serves as a source of revenue for us,” he added.
Super.money intends to issue about 200,000 secured cards per month under its collaboration with Kotak before expanding to other banking institutions, Sikaria said.
To date, Flipkart has invested approximately $50 million in Super.money to initiate its operations. As the business expands, the fintech intends to secure additional funding, possibly from external investors as well.
“We will require more capital for at least the next couple of years,” Sikaria stated. “We will soon begin formulating our strategy for raising capital.”
He refrained from specifying whether the next round of funding would come from Flipkart or external investors but mentioned that Super.money is receiving interest from “many investors.”
In the meantime, Sikaria stated that the company is maintaining a low cash burn rate, characterizing its current monthly burn as a “low single-digit million number” without providing exact figures.
He added that Super.money is intentionally focusing on the top 10 to 30 million users in India, rather than competing with mass-market payment platforms like Google Pay or PhonePe that target hundreds of millions of users.
“Our objective is to establish a strong secured card franchise with a profitable profit and loss statement — benefiting us, the bank, and our customers alike,” Sikaria concluded.
