Payments App super.money: A Youth-Centric Platform Revolutionising Transactions

Payments app super.money, which was established by former Flipkart executive Prakash Sikaria, has experienced remarkable growth since its introduction in July 2024. The UPI-first platform expanded from 2.5 million to 250 million transactions in just over a year, with nearly 70% of its users being under 28 years old.

The Vision Behind super.money

Prakash Sikaria shared that the launch of super.money was motivated by the necessity for a payments platform aimed at younger audiences. He noted, “UPI 1.0 focused on building trust, while UPI 2.0 is directed towards enhancing financial products and user experiences.” Approximately 85% of the transactions on super.money are conducted through scan-and-pay, a format that resonates well with younger users.

Growth Factors and Unique Features

Sikaria elaborated on the app’s success, attributing it to a simplified design featuring a central scanner, a brand voice appealing to young Indians, and transparent and straightforward rewards. Unlike other competitors, super.money provides a consistent 5% cashback without the complications of scratch cards or hidden conditions.

“We examined how retention is influenced by rewards,” Sikaria continued. “Even when reducing incentives for small groups, the overall effect was minimal. Cashbacks are sustainable when complemented by cross-sell revenues.”

Market Position and Performance

By February 2025, super.money achieved the status of the fifth-largest UPI player, surpassing CRED. According to the National Payments Corporation of India (NPCI), super.money processed 252 million transactions amounting to Rs 9,018.71 crore in July. While UPI itself does not generate revenue, Sikaria views it as a stepping stone for further financial services.

“UPI provides us with more than 100 user interactions each month. We are evolving into a digital bank, with 10–20 million users engaging with financial offerings, rather than merely competing as another UPI app against PhonePe or Paytm,” he added.

Revenue Streams

The majority of the company’s revenue originates from personal loan cross-selling, in addition to co-branded card fees and commissions from deposits. Super.money claims a 15% share of the RuPay secured credit card market. Sikaria highlighted an example, stating, “An FD of Rs 5,000 accrues 8% interest and 1% cashback—resulting in nearly 20% returns.”

Future Plans and Profitability Goals

Currently, super.money collaborates with 12–15 lenders for loans and small finance banks for FDs, while also facilitating UPI-led commerce, including bill payments and flight bookings. The acquisition of BharatX aims to enhance EMI capabilities on UPI.

Regarding profitability, Sikaria expressed that the objective is to achieve positive contribution margins by December to dispel doubts surrounding cashback sustainability. “Our retention rate is currently at 85%,” he added.

Funding and Independence

While he refrained from disclosing detailed financial figures or fundraising efforts, reports suggest that super.money is negotiating a fundraising round of $60–100 million at a unicorn valuation. Despite Flipkart’s investment, Sikaria emphasised the independence of super.money, stating, “super.money has been set up as a self-sufficient entity, akin to Flipkart’s stakes in Myntra, Cleartrip, and PhonePe.” He affirmed, “All that we have established is drawn from the capital we secured. Our expansion has occurred with significantly lower expenditure compared to others in this sector.”