Flipkart-backed fintech platform super.money is aiming to position itself among India’s top five neo-banks as it scales operations in digital payments and broadens its financial services portfolio. The company, which launched in July 2023, has recorded 175 million UPI transactions and currently ranks fifth on the NPCI’s UPI leaderboard for peer-to-merchant payments.
The Bengaluru-based startup has focused on leveraging the Unified Payments Interface (UPI) to drive user engagement and build a mobile-native banking experience. According to the company, the long-term objective is to move beyond payments and develop a full-stack digital financial services platform.
Expansion across financial products and distribution strategy
Super.money has rolled out a set of financial offerings through partnerships with banks and financial institutions, including fixed deposits, personal loans, and a secured credit card. The company’s stated strategy is to focus on distribution, working with licensed institutions to deliver financial products, though it has not ruled out manufacturing its own offerings in the future.
As part of its broader roadmap, super.money plans to introduce wealth management, mutual funds, and insurance services, with the goal of expanding into underserved user segments through digital infrastructure.
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User incentives and platform growth
The company currently has 10 million monthly active users and 15 million app downloads. A core feature of the app is its cashback model, offering 5% cashback on all transactions, which the company claims has helped increase user retention.
The cashback programme results in a monthly burn rate of ₹10 to ₹20 per user, which the company describes as a strategic cost to maintain user loyalty. There are no indications of the rewards structure being scaled down, though internal efforts are underway to bolster revenue channels to support its sustainability.
Outlook and industry positioning
With competition in India’s neo-banking sector intensifying, super.money’s strategy centres on working across multiple financial partners and maintaining product flexibility. The company’s leadership has noted the potential for up to 20 significant players to emerge in the segment as digital adoption accelerates.
The fintech landscape in India continues to evolve rapidly, with platforms like super.money positioning themselves to address demand for integrated, user-centric financial services.
