Flipkart Spinoff Super.money Partners with Juspay on D2C Checkout, Targets $100M Revenue from UPI & Secured Credit Card Growth
Super.money, the dynamic fintech platform spun off last year by Walmart-owned Flipkart, has strategically partnered with payments infrastructure firm Juspay to expand its reach. This collaboration, which quietly facilitates the new direct-to-consumer (D2C) checkout service, aims to propel Super.money toward an ambitious target of $100 million in annual revenue by 2026.
The timing of this partnership is significant, as Juspay works diligently to regain market momentum following a challenging period earlier this year. The firm faced substantial pushback from major payment companies, an internal dispute that complicated its recent fundraising efforts.
Last week, Super.money officially launched its specialized D2C checkout product, branded as Super.money Breeze. This offering promises online merchants a seamless one-click checkout experience, specifically designed to accelerate online purchases by eliminating the friction of repeated logins and time-consuming one-time passwords (OTPs). While Super.money did not publicly disclose its technology partners, TechCrunch has confirmed that Juspay is providing the critical payments infrastructure powering this new “Breeze” product.
This move is a calculated effort by Super.money to rapidly build visibility among D2C brands and reach new customers, deliberately expanding its footprint beyond Flipkart’s massive user base. While Super.money already benefits immensely from Flipkart’s distribution network, this checkout product clearly signals a major effort to establish a powerful stand-alone identity within the broader e-commerce ecosystem.
The partnership is perhaps even more crucial for Juspay, the SoftBank-backed company, which has been working intensely to recover ground with Indian merchants. Juspay lost several key clients after leading payment gateways, including rivals Razorpay and Cashfree Payments, moved away in January, strongly urging merchants to adopt their proprietary, in-house payment processing tools instead. Sources familiar with the matter told TechCrunch that the fallout negatively impacted Juspay’s recent fundraising efforts, resulting in its latest round closing at $60 million, significantly below the initial expectations of around $100 million.
Juspay was historically a preferred back-end partner for payment aggregators, known for reducing transaction failure rates via its effective payment routing platform. The company retains Amazon as a long-standing client and secured a payment aggregator license from the Reserve Bank of India (RBI) last year. However, as fierce competition intensifies in India’s digital payments space, major players like Razorpay, Cashfree, and the other Flipkart spinoff, PhonePe, have consciously begun limiting their reliance on third-party providers, opting instead to deepen their direct, proprietary relationships with merchants.
Super.money’s decision to partner with Juspay runs counter to the prevailing industry trend of payment players building and controlling their full payments infrastructure. However, for a young fintech actively expanding its reach outside of the Flipkart umbrella, the move offers a crucial shortcut to D2C integrations without the time and expense of building full-stack payment capabilities from scratch. It also clearly signals Super.money’s intent to delve deeper into lucrative consumer transactions and aggressively increase payment volume through its platform.
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Launched as a dedicated payment application in June 2024, over a year after Flipkart formally separated from PhonePe, Super.money has already surged to become one of India’s top five UPI (Unified Payments Interface) apps by transaction volume. UPI, India’s government-backed instant payment system, saw the app process more than 200 million transactions per month for four consecutive months through August, according to official data from the National Payments Corporation of India (NPCI).
Super.money’s ascent in the UPI rankings is a significant feat for a newly launched app, as it has recently surpassed large private sector banks like Axis Bank and ICICI Bank, as well as other fintech competitors, including Amazon Pay and CRED.
Furthermore, Super.money has rapidly established itself as a top issuer of secured credit cards in India, capturing a notable 10% market share, according to industry insights shared with TechCrunch. These secured cards, which require a customer deposit, are currently issued in partnership with Utkarsh Small Finance Bank. Sources indicate the company is already in discussions with a major private sector lender to significantly scale its distribution network.
With approximately 300,000 secured cards issued and a monthly addition rate of about 50,000 new cards, the secured card business is central to Super.money’s high-margin monetization strategy. This allows the firm to successfully move users from low-margin UPI transactions into higher-yield, revenue-generating financial products like credit cards and consumer loans.
Unlike many other UPI-focused fintechs, Super.money has strategically maintained a low burn rate by leveraging Flipkart’s internal distribution rather than expensive external marketing campaigns. The company also operates with a famously lean team of just 130 to 150 people to efficiently serve its rapidly growing user base of over 80 million users.
For Flipkart, Super.money represents a renewed, concentrated push into the fintech space after the 2023 spin-out of PhonePe. While PhonePe went on to dominate the UPI landscape, it now operates independently under Walmart’s broader umbrella. Super.money, in contrast, remains tightly integrated with Flipkart, focusing on monetizing high-value financial services directly within the e-commerce ecosystem and beyond.
Flipkart has already invested $50 million to kickstart Super.money’s business, led by Prakash Sikaria. However, Super.money is now looking beyond Flipkart and is aiming to raise its first substantial external funding round at a $1 billion valuation sometime next year.
Super.money is projected to close 2025 with approximately $30 million in annual recurring revenue (ARR). The firm aims to more than triple this figure in 2026, driven primarily by the high-yield growth in its secured credit card business, new personal lending products, and the strategic expansion through its new D2C checkout infrastructure.
Ultimately, Super.money’s ability to convert its massive UPI scale into sustainable, high-margin revenue, particularly through its lending and checkout infrastructure, will determine if it can become Flipkart’s second major fintech success story—or succumb to the intense ecosystem pressure currently weighing on its new partner, Juspay.
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