Flipkart-backed fintech super.money has launched a co-branded credit card in collaboration with Utkarsh Small Finance Bank. This is as per INC42.
Nicknamed 'SuperCard', it will offer the users the ability to secure their credit cards with limits starting Rs 90. The platform, operated by Scapic Innovations, was acquired by Flipkart in 2020.
It has so far launched three financial products such as unified payments interface (UPI) services, personal loans through the Flipkart app, and the now SuperCard, which is a co-branded RuPay credit card.
It is reported that the super.money app, which was reportedly launched in beta mode two months ago, has witnessed immense growth, seeing 10 million transactions and over 1 million app downloads.
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The company has been reportedly working on the project for more than nine months, and its primary focus is on integrating credit with UPI.
super.money aims to set itself apart from others in a highly competitive fintech landscape with a streamlined user interface.
Following this, it is reported that the company would soon offer its users fixed deposits (FDs) and credit lines via UPI, which was also recently launched by National Payments Corporation of India (NPCI). The company also has the agenda of introducing unsecured credit cards, for users who transition from secured to unsecured products.
The company is primarily targeting professionals aged 20 to 35 with steady incomes. It also hopes to offer crediting services who may not qualify for traditional credit cards.
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super.money led by Prakash Sikaria talking about the total addressable market (TAM) reportedly stated that there are 100 million credit cards in circulation, with 40 to 50 million users. He further stated that the TAM for secured products could be as much as 5x that could reach 200-230 million users.
With UPI, unified lending interface (ULI) and other credit products, Flipkart’s super.money is now PhonePe. Both Flipkart and PhonePe are currently owned by US commerce giant Walmart.
super.money aims to position itself as a key player to cross-sell Flipkart users first, with a clear focus on addressing gaps in the credit market.
