In less than two months, Super.money has quickly reached the top five spot of Unified Payments Interface (UPI) platform in India. It’s now handling more than 200 million transactions a month! This rapid growth is a testament to the platform’s important role in the country’s digital payment ecosystem. It is remarkably focused in its ambition, seeking to build a niche of 10-30 million users that deeply use its financial services.
The company’s monetization engine is a dual-sided financial-services engine and a commerce-financing dynamo. This strategy helps Super.money stay on the cutting edge while simultaneously growing its audience. As a result, supermoney proudly services over 10 million active users. Impressively, it continues to hold about 85% of them, with as much as 60 to 70% of transactions reportedly still being driven by consumers younger than 30.
Super.money has already achieved some amazing milestones in transaction volume. It brings in ~$3 million of monthly revenue, which is good for an annualized run rate of ~$36 million. That’s especially true as the company prepares to release around 2 million secured credit cards in the next year. Over the next two years, they plan to get to a combined total of 5 million cards. Under this new association with Kotak811, Super.money aims to spread 200,000 secured cards per month.
Prakash Sikaria, a cofounder and chief operating officer at Super.money, discussed the company’s vision and business model in-depth.
“What we want to do is build a formidable secured card franchise with a profitable P&L — for us, the bank, and our customers as well,” – Prakash Sikaria
He stressed the larger vision motivating their UPI services, one that reaches far beyond just facilitating payments.
“We do UPI not to solve the pure payment use case,” – Prakash Sikaria
Super.money hopes to create a more robust financial environment by bringing in features similar to those provided by Klarna.
“Our idea is to bring a Klarna-style’ pay-in-three’ model on top of commerce, creating a financial overlay that lets customers buy now and pay later within the Super.money ecosystem,” – Prakash Sikaria
Super.money is uniquely situated to achieve even greater impact for its users. It purposefully seeks out people who are most likely to take advantage of what it has to offer.
With a recent cash infusion from investors, the ever-changing financial landscape currently has Super .money operating at less than a low single-digit million cash burn rate. This powerful position enables the company to grow aggressively and profitably. Sikaria was realistic about the need for more capital to continue fueling growth down the line.
“We need more capital for at least a couple of years,” – Prakash Sikaria
Super.money has since been working to increase its financial industry foothold. Besides this, Flipkart is clearly on the lookout for more D2C brands to partner with and companies that live in their greater Flipkart ecosystem. Today, over 1,000 merchants use Super.money’s payment solutions, which helps drive more transaction volume and user engagement.
As Super.money continues to solidify its position within India’s competitive UPI landscape, its focus remains clear: to innovate and provide valuable financial services that resonate with younger consumers. With a dual monetization strategy and network growth through partnerships, Super.money is poised for continued success.
