Flipkart’s Super Money launches cobranded Axis Bank credit card

Flipkart Group’s fintech startup super.money founder and CEO, Prakash Sikaria, told Moneycontrol that the company is looking to achieve profitability by the end of 2025 by quickly expanding its financial services portfolio.

The company is also looking to raise a new round at that time.

“We want to raise the next is when we can show the business model working. I think the first year was for us to figure out the product-market fit. Every year, we are breaking the myth of proving ourselves. So, once we prove that, we might raise the next round,” Sikaria said.

What is Super Money?

super.money is a free app that allows users to send and receive money via UPI, a real-time payment system in India. Users can earn interests, cashbacks, rewards, etc. with superUPI, superDeposit and superCash features.

Unlike digital payment giants such as PhonePe and Paytm, which derive most of their revenue from payments, super.money will make money from selling financial services.

As part of its plan to expand the offerings on May 22, the fintech company is officially launching a co-branded Axis Bank credit card offering 3 per cent cashback for every UPI scan and pay transaction.

The card is based on the RuPay network, which can be linked to customers’ UPI accounts.

“Payments is not a revenue line for us, and 100 per cent will come from financial services,” Sikaria said.

super.money already has a secured credit card business offering similar rewards on UPI payments at merchants. Around 10 per cent of all its transactions happen through an existing virtual card segment.

Super Money's new cobranded credit card

With the co-branded Axis Bank credit card, super.money is looking to issue a million cards over the next year or so.

“We have designed this card to be the second card for everyone or the preferred Rupay card for everyone. Other co-brands target specific merchant transactions, but we would like to target the long tail of merchants that NPCI or UPI stands for,” Sikaria told Moneycontrol.

“We expect the new card to be a customer acquisition and monetisation tool. This year, we want to figure out our business model properly, make sure that we have revenue lines, and we want to turn EBITDA profitable by the end of the year,” he added.

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