Flipkart-backed fintech company super.money is set for an aggressive expansion as it looks to diversify its offerings in credit and wealth management. Launched only in July this year, the Bengaluru-based startup is on track to roll out an array of financial products aimed at enhancing its presence in the digital financial space, particularly in credit and wealth management.
super.money is gearing up to introduce credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans by the first half of the next calendar year (2025). The company has ambitious plans, with founder and CEO Prakash Sikaria confirming that products related to credit on UPI will begin taking shape in the first quarter of 2025. Unsecured credit cards are expected to be available around December this year to January, followed by personal loan offerings in the first quarter of next year.
“In the first quarter of the next calendar year, you should see transaction credit products, such as credit on UPI, taking shape. Unsecured credit cards are planned for around December this year to January, and in the first quarter of 2025, you will see personal loan products on the app,” Sikaria explained.
In line with its credit expansion plans, super.money also aims to collaborate with 10 to 15 banks by mid-2025 to provide personal loans to its growing user base, which currently stands at over seven million. Sikaria’s confidence in this expansion stems from the company’s notable progress in the UPI ecosystem, where it has grown to become the sixth-largest third-party application provider (TPAP). In November alone, the app processed over 78 million transactions, a significant jump from its previous rank of 12th in UPI transaction volume.
The company’s decision to venture into unsecured credit products comes at a time when the Reserve Bank of India (RBI) has implemented tighter regulations on non-banking financial companies (NBFCs). The central bank raised the risk weight for unsecured personal loans last year, which slowed down growth in this sector. However, Sikaria is confident that super.money can navigate these challenges by establishing multiple banking partnerships, ensuring business continuity even if one partner faces regulatory hurdles.
“There is no concept of MVP (minimum viable product) in fintech anymore because with the changing paradigm, you have to adapt, give impeccable service to customers, and have backups,” Sikaria noted. “When I said 10 to 15 bank partnerships, it hints that we are working with a host of banks. Even if there is a regulatory action on one, your business doesn’t go down.”
In addition to credit, super.money is also venturing into wealth management. Last month, the fintech company rolled out fixed deposit products for its users and plans to expand further into this domain. Sikaria expects mutual funds to be introduced by mid-next year, with gold and mutual funds to be offered before more complex financial products such as futures and options (F&O) or equity-based investments.
“From a distribution horizontal platform, gold and mutual funds would come much before futures and options (F&O) and equity-type offerings. I would expect mutual funds before everything else,” Sikaria added, highlighting the firm’s strategic approach to building a well-rounded wealth management portfolio.
While super.money considers future plans to apply for an NBFC licence, Sikaria emphasised that the company’s current focus is on growing its credit business and ensuring compliance with digital lending guidelines. “With clarity around digital lending guidelines and first loss default guarantee, our focus has been on compliance and building products. I don’t think we need an NBFC licence for that,” Sikaria said. “We need it for other things to make things flawless, and hence for phase one of our journey, we just want to solve for the product, distribution, and compliance.”
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The fintech firm’s future direction will also focus heavily on refining its cross-sell strategy. Sikaria believes that expanding product offerings and scaling them across its user base will be critical to driving growth. super.money plans to leverage its growing customer base to launch additional financial products and monetise those users more effectively.
“We’re putting a lot of focus on launching newer products, scaling them on top of our base. It involves nudging the right set of users. You will see a lot of product-centric work happening on the consumer side, with new financial products being launched to monetise those users,” Sikaria explained.
Despite competition from other fintechs eyeing expansion into the merchant category, Sikaria is cautious. “The interoperable system allows us to operate without having to scale the merchant side. At least for next year, until the time we are getting our consumer engine right, I don’t want to distract and focus on the merchant side,” he said.
In contrast, larger players such as PhonePe have already established a massive merchant base of over 40 million and serve a total customer base exceeding 500 million. super.money aims to take a more measured approach, focusing on its existing strengths while strategically expanding its offerings in the fintech space.
