Flipkart-backed fintech company super.money is aiming to strengthen its position in India's rapidly growing neo-banking space. With 175 million UPI transactions already under its belt, the Bengaluru-based startup has leveraged the Unified Payments Interface to become one of the fastest third-party apps to scale in the peer-to-merchant payments space. As of April, super.money holds the fifth position on the UPI leaderboard.
Having launched in July 2023, super.money is now targeting a spot among the top 5 neo-banks in India. As digital financial services expand, the company’s focus is on building a mobile-native experience that extends beyond conventional mobile banking. Chief Executive Officer Prakash Sikaria believes that the UPI-driven environment, facilitated by the National Payments Corporation of India, will give rise to up to 20 significant neo-banking players, and super.money intends to be a leader among them.
Super.money has already rolled out several financial products, including fixed deposits, personal loans, and a secured credit card in collaboration with partner institutions. The company’s long-term strategy includes offering a comprehensive suite of financial services such as wealth management, mutual funds, and insurance.
While currently following a distribution-first model, Sikaria noted that super.money may eventually develop and manufacture its own financial products if required. For now, the approach is to partner with institutions to deliver the best available products to customers.
Read More: Flipkart Likely to Be a Historic IPO; IPO Likely in 2025, Aims for $70 Billion Valuation.
One of super.money’s key differentiator is its cashback feature, where users receive 5% cashback on every transaction. Rather than offering one-time activation rewards, the company has integrated rewards as a core part of the product. This approach has helped in maintaining strong user engagement and retention. The platform currently has 10 million monthly active users, and its app has been downloaded by 15 million customers.
Despite the cashback model resulting in a monthly cash burn of ₹10 to ₹20 per user, Sikaria views it as a strategic investment in customer loyalty. He emphasised the need to strengthen revenue channels to sustain the reward structure rather than scaling it down.
Super.money’s evolution will continue to follow a user-first approach, with a focus on product flexibility and broad service access. The company's CEO highlighted that the flexibility to work with multiple banks and financial institutions is a major strength. As demand for tailored and efficient financial services grows, super.money aims to serve its users through a blend of innovation, rewards, and strategic partnerships.
Super.money’s journey from a UPI-driven app to a full-spectrum fintech platform illustrates the growing potential of neo-banks in India. With a combination of technology, partnerships, and customer-centric design, it is positioning itself to be a leading force in the digital banking landscape.
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Published on: May 21, 2025, 2:25 PM IST
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