super.money Expands UPI Payments with BharatX Acquisition

super.money, a rapidly advancing UPI payments platform supported by Flipkart, has successfully acquired BharatX, a startup that has received funding from Y Combinator and is focused on checkout financing. With the innovative technology from BharatX, the company plans to embed buy now, pay later (BNPL) and installment payment solutions directly within UPI transactions, thereby streamlining credit access for millions of users. The financial details of the acquisition have not been disclosed.

Vision for Checkout Financing

Prakash Sikaria, CEO and Founder of super.money, shared with YourStory the company’s ambitions: “The objective is to become one of the leading players in checkout financing in the coming quarters.” He highlighted a market need for flexible credit options and noted that this acquisition will aid in establishing a sustainable and scalable model for the company.

Integrating BharatX’s Technology

The adoption of BharatX’s credit technology will initially roll out within the Flipkart ecosystem as well as across the extensive merchant network of super.money. According to Sikaria, the firm is executing two separate initiatives—one concentrating on Flipkart and the other on direct-to-consumer applications—both of which are anticipated to launch in the next quarter.

Innovative Approach as a Technology Service Provider

In contrast to some competitors that operate as non-banking financial companies (NBFCs), super.money plans to act as a technology service provider (TSP). This strategy involves offering a marketplace for credit rather than taking on the risk of underwriting loans. Sikaria mentioned, “Our focus is on product innovation in collaboration with lenders, rather than assuming underwriting risk directly.”

This methodology is designed to allow super.money to scale more efficiently while mitigating the risks associated with potential regulatory challenges in the digital lending space. The fintech company is collaborating with various regulated entities, including banks and NBFCs, to assist in distributing credit effectively.

Expansion into Digital Savings

In addition to credit services, super.money is broadening its reach in digital savings. In November 2024, the company launched superFD, a fixed deposit product enabling users to book FDs effortlessly via UPI, offering interest rates as high as 9.5%. This product targets younger investors and accepts deposits starting from Rs 1,000, being supported by partnerships with RBI-approved small finance banks.

Future Growth Plans

Since its launch in August, super.money has experienced remarkable growth, positioning itself as one of India’s leading UPI platforms. By leveraging cashback incentives, the platform has rapidly increased its market share, achieving a ranking of seventh among UPI applications, processing 124.83 million transactions valued at Rs 4,565.57 crore in January.

Despite its swift user base expansion, super.money is committed to maintaining its incentive offerings, such as cashbacks, which have significantly contributed to its growth trajectory. Sikaria stated, “We are not retracting any customer incentives at this moment. Our strategy is to accelerate growth going forward.”

As the company continues to grow, it is also investigating new financial products including wealth advisory services. Sikaria hinted at the future potential to expand beyond payments and credit, indicating, “Our aim is to explore how we can introduce innovative products for the younger, affluent demographic in India.”