In a notable development for the financial technology sector, Super.money, a platform launched by Walmart’s Flipkart, has entered into a strategic alliance with Juspay. This partnership is part of Super.money’s initiative to expand its offerings into direct-to-consumer (D2C) checkout services, with an ambitious goal of reaching $100 million in annual revenue by 2026.
The timing of this collaboration is particularly significant for Juspay, which has faced challenges earlier this year due to pushback from major payment providers. This situation complicated its fundraising endeavors, making the partnership with Super.money all the more critical for regaining its momentum in the market.
Launch of Super.money Breeze
Recently, Super.money introduced its new checkout solution, Super.money Breeze, designed to enhance the online shopping experience. This product offers merchants a seamless one-click checkout option, streamlining the purchasing process by eliminating the need for one-time passwords and repeated login attempts.
While the company has kept its technology partnerships under wraps, sources suggest that Juspay is the backbone of the payment infrastructure for Super.money Breeze. This collaboration is expected to broaden Super.money’s customer base and increase its visibility among D2C brands, effectively positioning the platform as a competitive player in the e-commerce space.
Impact on Juspay
For Juspay, this partnership represents a crucial opportunity to reconnect with Indian merchants after losing several clients earlier in the year. The firm experienced a setback when prominent payment gateways like Razorpay and Cashfree Payments encouraged merchants to transition to their proprietary payment processing systems. This shift impacted Juspay’s fundraising, resulting in a recent funding round that raised $60 million, significantly less than the anticipated $100 million.
Historically, Juspay has been a key player in the backend payment solutions market, helping reduce transaction failures for various aggregators. The company has a strong client portfolio, including a long-standing relationship with Amazon, and recently acquired a payment aggregator license from the Reserve Bank of India. However, the intensifying competition in India’s digital payments landscape has forced companies to reevaluate their partnerships with third-party providers.
Building a unique identity
Despite the prevailing trend of payment firms developing their own infrastructures, Super.money’s choice to collaborate with Juspay signifies a unique strategy for a fintech company still establishing its market presence. This partnership not only expedites D2C integrations but also reinforces Super.money’s intentions to engage deeply in consumer transactions.
Since its launch as a payment application in June 2024, Super.money has rapidly ascended the ranks of India’s Unified Payments Interface (UPI) applications, processing over 200 million transactions monthly for several consecutive months, as reported by the National Payments Corporation of India. This impressive performance highlights Super.money’s growing influence in the digital payments sector.
Secured credit card offerings
In addition to its payment solutions, Super.money has carved out a significant niche in the market for secured credit cards, holding approximately 10% market share. These cards, which require customers to provide a deposit, are issued in collaboration with Utkarsh Small Finance Bank. The company is actively seeking to expand its card offerings and is currently in negotiations with another private sector bank to enhance distribution.
With around 300,000 secured cards already issued, the platform adds approximately 50,000 new cards each month. This segment plays a pivotal role in Super.money’s monetization strategy, encouraging users to transition from low-margin UPI transactions to more lucrative financial products such as credit cards and consumer loans.
Future prospects and challenges
Super.money has maintained a low burn rate, strategically leveraging Flipkart’s extensive distribution network instead of investing heavily in marketing. The streamlined team of approximately 130 to 150 employees efficiently manages its growing user base of over 80 million, which is a testament to the platform’s operational effectiveness.
As Flipkart continues to invest in Super.money—having injected around $50 million to jumpstart the venture—the fintech aims to venture beyond its parent company’s ecosystem. Plans are in motion to secure external funding, with the goal of achieving a valuation of around $1 billion in the upcoming year.
Looking ahead, Super.money projects to close 2025 with an estimated $30 million in annual recurring revenue, with aspirations to more than triple that number by 2026. This growth will largely be driven by the secured credit card segment and personal lending opportunities, further supported by the rollout of the D2C checkout product.
Nonetheless, the journey to sustainable revenue is fraught with challenges, especially as established competitors like PhonePe, Google Pay, and Razorpay are ramping up their own payment infrastructures. The ability of Super.money to convert its UPI success into lasting profitability will be crucial in determining whether it can follow in the footsteps of Flipkart’s fintech triumphs or succumb to the pressures of an increasingly competitive market.
