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Flipkart fintech 2.0: Can super.money strike gold?
Livemint
·
11m ago
Medial
Indian e-commerce giant Flipkart has launched a new fintech platform called super.money, signaling its renewed commitment to the digital payments and financial services market in India. The app allows users to make UPI transactions and earn cashback. Flipkart, which previously owned digital payments company PhonePe, aims to establish a strong presence in the fintech sector. The launch of the co-branded credit card in partnership with Utkarsh Small Finance Bank is part of Flipkart's expansion into offering financial services beyond payments. Flipkart is leveraging its vast user base to accelerate customer acquisition for super.money.
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Behind Flipkart’s big billion dreams for the fintech market
Inc42
·
1y ago
Medial
Flipkart is entering the lending space with its fintech platform, Super.Money, aiming to offer lending, insurtech, and other fintech products and services. The move represents Flipkart's strategic shift towards diversification and profitability, as it seeks to leverage its vast user base while navigating potential conflicts with PhonePe and regulatory complexities. Flipkart has invested $20 million in Super.Money and has introduced personal loans as an initial offering on its app. However, Flipkart faces challenges such as competition in the lending space and the need to bring in experts in financial services to lead operations.
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Grapevine: Flipkart, Super.money, Ather Energy, and Nobel Hygiene in news
VCCircle
·
6m ago
Medial
Flipkart is reportedly in advanced discussions to lead a $35-40 million funding round for its fintech unit, Super.money. This round may introduce external investors, though Flipkart intends to retain majority ownership. Super.money is expected to dilute up to 10% of its equity, suggesting strategic growth and expansion plans. This move reflects Flipkart's ongoing interest in bolstering its financial technology offerings and potentially diversifying its investment portfolio.
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Flipkart may lead $35-40 million round in its Super.money
Economic Times
·
6m ago
Medial
Flipkart is negotiating to lead a $35–40 million funding round in its fintech venture, Super.money, potentially involving external investors while retaining majority ownership. Super.money, a rapidly growing Unified Payments Interface (UPI) app, recently exceeded Amazon Pay's transaction volumes. The funding, set to establish a valuation benchmark for Super.money, will support its aggressive scaling in 2025. Established as a separate entity, Super.money continues to innovate with products like credit-first UPI applications, fixed deposits, and instant lending solutions.
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Flipkart’s Super.Money Plans To Raise External Funds, To Launch FDs, Credit Lines Via UPI
Inc42
·
11m ago
Medial
Super.Money, a Flipkart-backed fintech venture, has partnered with Utkarsh Small Finance Bank to launch the SuperCard, a co-branded credit card. Users can secure credit cards with limits starting from INR 90 by making deposits ranging from INR 100 to INR 10 lakh. Super.Money aims to provide a simplified and vibrant payment experience, targeting young and affluent users in India. The company has plans for external fundraising in December and aims to cater to the underserved market of the emerging Indian economy, focusing on being a credit-first company.
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Flipkart’s Super.money acquires BharatX’s tech, key team members to expand credit offerings
Economic Times
·
5m ago
Medial
Flipkart-backed fintech Super.money has acquired the technology and key team members of BharatX, a fintech credit startup, to bolster its credit offerings. This strategic move aims to enhance Super.money’s capabilities in checkout financing, including buy now, pay later and consumer durable loans, through credit on UPI platforms. However, it does not constitute a full acquisition due to BharatX's existing liabilities. Super.money plans to leverage BharatX’s technology to expand credit products for young consumers.
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Flipkart’s Fintech Push: super.money App Goes Live In Beta Mode
Inc42
·
1y ago
Medial
Flipkart, the ecommerce giant, has introduced its super.money app in beta mode as part of its fintech initiatives. The app is available for download on the Google Play Store and currently provides UPI services. Flipkart plans to expand the app's offerings to include other financial services in the near future.
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Flipkart rejigs top deck amid fresh funding round
The Arc Web
·
1y ago
Medial
Flipkart, the Indian e-commerce firm, has experienced a significant shakeup in its senior leadership team, with 25% of its senior vice presidents resigning. The departures include key leaders such as the heads of marketplace and categories, fintech and payments, growth and retention, and data centers. Concurrently, Flipkart has reassigned an executive to lead its high-margin advertising business and launched a fintech vertical called Super.money. These changes come as the company aims to achieve profitability and navigate a slowdown in demand following the pandemic.
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Flipkart to hire 5,000 employees in 2025 amid push into quick commerce, AI, and fintech
YourStory
·
2m ago
Medial
Flipkart plans to hire 5,000 employees in 2025 to expand its presence in key areas like hyperlocal delivery, fintech, and AI, announced at an internal townhall. The hiring supports Flipkart Minutes and Super.money, targeting an IPO and legal domicile shift to India. Emphasizing upskilling and rapid scale-up, CEO Kalyan Krishnamurthy highlighted 20-25% growth in customers, aiming for 800 dark stores for quick commerce. Financial discipline focuses on reducing monthly cash burn.
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Walmart-owned Flipkart launches Flipkart UPI to counter third-party apps
IndianStartupNews
·
1y ago
Medial
Walmart-owned ecommerce platform Flipkart has introduced its own Unified Payments Interface (UPI) service, allowing users to create UPI handles for transactions within and outside its platform. With over 500 million registered users, Flipkart aims to streamline payments by integrating UPI directly into its app. The move is seen as an attempt to reduce dependence on third-party payment apps like Google Pay and Paytm and enhance user convenience. Flipkart has also partnered with Axis Bank to launch the '@fkaxis' UPI handle and plans to expand its financial services through the new fintech platform, Super.Money.
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Flipkart-Backed super.money Goes Past Amazon Pay In UPI Transactions
Inc42
·
8m ago
Medial
Indian fintech startup, super.money, backed by Flipkart, reported facilitating around 78.49 million transactions worth INR 3,130.10 crore in the last month. The company surpassed popular UPI players such as WhatsApp and FamApp, further solidifying its position against Groww, MobiKwik, BHIM, and Jupiter Money. Meanwhile, the top three spots in the UPI ecosystem were maintained by PhonePe, Google Pay, and Paytm.
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