India\u2019s free digital payments revolution has upended how money moves \u2014 but not how fintechs make it. Now, Flipkart\u2019s fintech arm Super.money is partnering with one of India\u2019s 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.<\/p>\n
The partnership aims to issue about 2 million secured credit cards in the next 12 months \u2014 roughly 60 percent to first-time borrowers \u2014 and 5 million within 2 years. Super.money, which already serves 10 million active users, expects the Kotak alliance to contribute around 10 percent of its revenue next year as it works toward profitability by 2026, chief executive Prakash Sikaria said in an interview.<\/p>\n
India\u2019s Unified Payments Interface (UPI), backed by the Indian government, has made instant bank transfers free and ubiquitous, processing more than 19 billion transactions<\/a> a month. That success, though, has left little room for fintechs to profit, since regulators, including the Indian finance ministry, do not allow the merchant fees<\/a> that typically fund rewards and credit programs. Super.money\u2019s bet \u2014 using a secured card and savings account to reintroduce incentives \u2014 offers a template for building viable business models atop no-fee payment systems.<\/p>\n \u201cWe do UPI not to solve the pure payment use case,\u201d Sikaria told TechCrunch. \u201cWe do UPI to build an interesting cross-financial services play where we are acquiring and retaining customers with the UPI.\u201d<\/p>\n Launched in June 2024<\/a> as Walmart-owned Flipkart\u2019s latest fintech venture after spinning off PhonePe in 2023<\/a>, Super.money is already generating about $3 million in monthly revenue, with an annualized run rate of roughly $36 million, the executive said.<\/p>\n The fintech app has emerged as one of India\u2019s top five UPI platforms in recent months, processing more than 200 million transactions a month for four straight months through August, per the National Payments Corporation of India, the federal body that manages the system.<\/p>\n Around 80% of Super.money\u2019s revenue comes from personal loans, 10% from credit cards, and the remaining 10% from payment products such as bill payments and recharges. The fintech says it retains roughly 85% of users, with 60\u201370% of its transactions coming from customers under 30.<\/p>\n Techcrunch event<\/p>\n \n\t\t\t\t\t\t\t\t\tSan Francisco<\/span> Sikaria noted that Super.money\u2019s business model rests on two monetization engines. \u201cThe first is the financial-services engine \u2014 personal loans, cards, deposits, and similar products \u2014 and the second is commerce,\u201d he said. \u201cOur idea is to bring a Klarna-style\u2019 pay-in-three\u2019 model on top of commerce, creating a financial overlay that lets customers buy now and pay later within the Super.money ecosystem.\u201d<\/p>\n The partnership with Kotak Mahindra Bank, India\u2019s fourth-largest lender by market capitalization, gives Super.money access to a large, regulated banking infrastructure. It follows an earlier tie-up with Utkarsh Small Finance Bank to specifically offer secured cards through its platform, marking the fintech\u2019s move into mainstream retail banking.<\/p>\n The collaboration introduces what the companies call a \u201c3 in 1 Super Account,\u201d combining a savings account, UPI payments, and a fixed-deposit-backed secured credit card aimed at expanding credit access for first-time borrowers.<\/p>\n To open a 3-in-1 Super Account, users need to make a fixed deposit of at least \u20b91,000 (about $11). The account earns interest on the deposit and offers a cashback on every transaction. It also includes a UPI-on-credit feature \u2014 a credit line backed by the deposit that does not require any income proof.<\/p>\n Sikaria told TechCrunch that secured cards were chosen as the anchor product because they fit within India\u2019s zero-fee UPI system while still allowing the rewards and cashbacks that the platform was never designed to support.<\/p>\n \u201cOur focus is to bring in users who have a higher propensity to engage with our products,\u201d he said. \u201cUPI happens to be the core engagement and acquisition hook, but for people who don\u2019t want to engage in financial services or other products that we launched, we do not want to serve them from a UPI or payment perspective.\u201d<\/p>\n
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\n\t\t\t\t\t\t\t\t\t\t\t\t\tOctober 27-29, 2025<\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n![\"\"](\"https:\/\/techcrunch.com\/wp-content\/uploads\/2025\/10\/supermoney-kotak-account.jpg\")