Latest Startup News: Super.money, the UPI-first payments platform founded by former Flipkart executive Prakash Sikaria, has scaled to over 250 million monthly transactions since its launch in July 2024. With nearly 70% of its user base under the age of 28, the company has quickly emerged as one of India’s fastest-growing players in the digital payments ecosystem.
Context & Background: Rise of Super.money in UPI Payments
Launched in 2024, super.money positioned itself as a youth-focused digital payments app. The company differentiated itself with a simplified design, central QR scanner, and a flat 5% cashback model, avoiding the scratch card–based reward systems common among rivals.
By February 2025, super.money became the fifth-largest UPI player, surpassing CRED in transaction volumes. According to NPCI data, it processed 252 million transactions worth ₹9,018 crore in July 2025.
Prakash Sikaria on Super.money’s Growth
Speaking about the company’s momentum, Sikaria said:
- 85% of transactions on the platform are scan-and-pay.
- The app generates over 100 user touchpoints per month, positioning it closer to a digital bank than a traditional UPI app.
- Revenue streams include personal loan cross-sell, co-branded card fees, and deposit commissions.
How does super.money make money?
- Personal loan cross-sell
- Co-branded card fees
- Deposit commissions
- UPI-led commerce (bill payments, ticketing, etc.)
Super.money also holds a 15% market share in RuPay secured credit cards and has partnered with 12–15 lenders and small finance banks.
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Industry & Market Impact: UPI and Cashback Strategy
Unlike peers such as PhonePe and Paytm, super.money’s flat cashback model has gained traction among younger users. Sikaria explained that retention was not significantly affected when cashback rates were tested with reductions, suggesting long-term sustainability.
Industry analysts note that the model could reshape reward-driven payments, as cashback sustainability has long been debated in Indian fintech. With high retention rates of 85%, the company is aiming for contribution margin positivity by December 2025.
Expert Insights & Reactions on Super.money’s Expansion
Market observers suggest that super.money’s rise underscores the evolution of UPI 2.0, where payments become a gateway for broader financial products.
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Prakash Sikaria emphasized:
“UPI 1.0 solved for trust; UPI 2.0 is about financial products and experiences.”
Analysts add that super.money’s youth-driven adoption strategy, coupled with partnerships across lending and deposits, positions it to challenge incumbents in digital banking.
Future Outlook: Profitability and Funding Plans
While Sikaria declined to confirm fundraising details, media reports indicate that super.money is in talks to raise $60–100 million at a potential unicorn valuation.
The platform’s acquisition of BharatX is expected to expand EMI capabilities on UPI, further diversifying offerings. With lower spending compared to competitors and Flipkart’s stake structured at arm’s length, Sikaria highlighted that growth has been achieved with efficient capital deployment.
Disclaimer
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