Super.Money, a financial services platform founded last year by Walmart-owned Flipkart, has quietly partnered with payments infrastructure firm Jaspay as it expands into direct-to-consumer (D2C) checkout and targets $100 million in annual revenue by 2026.
This partnership is mentioned without press releases or social media posts and only in one blog post On Breeze’s seemingly un-indexed website, Jaspay is working to rebuild momentum after major payments companies sought to reduce the amount of work they do with third-party payment orchestrators earlier this year.
Last week, Super.money launched its D2C checkout product, Super.money Breeze, which promises merchants a one-click checkout experience and aims to speed up online shopping by eliminating one-time passwords and repeated logins. The companies didn’t disclose any technology partners, but TechCrunch has learned that Juspay is powering the payments infrastructure for Super.money’s latest offering.
The move could help Super.money reach new customers and build visibility among D2C brands – expanding its presence beyond Flipkart’s existing user base and making the brand more familiar to online shoppers. While Super.Money already benefits from Flipkart’s distribution, the checkout product signals an effort to establish a stand-alone identity in the broader e-commerce ecosystem.
Jaspay will benefit from this deal, especially including the payment gateway Razorpay and Cashfree paymentsMoved away from the platform in January, and urged merchants to adopt its in-house payment processing tools instead.
This outcome apparently also affected Jaspay’s fundraising efforts: its most recent round came in at $60 millionThat’s about $100 million less than previously expected, people familiar with the matter told TechCrunch.
Juspay says it partners solely with merchants and provides them with back-end software to facilitate payments, but it operates in the middle layer of the payments stack, routing payments between merchants, payment aggregators, and consumers, and helping to reduce transaction failures.
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The company counts Amazon as a long-standing customer, and also received a payment aggregator license from the Reserve Bank of India last year. But as competition has intensified in India’s digital payments sector, players like Razorpay, Cashfree and Flipkart spinoff PhonePe have started Limiting your reliance on third-party providersInstead it opted to develop its relationships with traders.
“Our trading operations are completely stable and unaffected, and we would like to emphasize that we have not lost any traders,” Jaspe said in an emailed statement. “On the contrary, we have significantly grown our merchant base in India and globally. Our daily transaction volume has increased from 200 million in January to over 300 million today, and our annual total payments volume (TPV) has increased from $900 billion to $1 trillion.”
Super.money’s decision to partner with Juspay runs contrary to the broader trend of payments players building and controlling their own infrastructure. But for a young fintech that is still expanding its reach beyond Flipkart, the move provides a shortcut to D2C integration without building full-stack payments capabilities from scratch. It also signals Super.Money’s intention to delve deeper into consumer transactions and increase payments through its platform.
Launched as a payments app in June 2024, more than a year after Flipkart formally demerged from PhonePe, Super.money has since become one of India’s top five UPI (Unified Payments Interface) apps by transaction volume. UPI is India’s government-backed instant payment system. The app processed more than 200 million transactions per month for four consecutive months till August data From National Payments Corporation of India, the federal body that manages the UPI system.
In recent months, Super.Money has overtaken big private banks like Axis Bank and ICICI Bank as well as fintech players including Amazon Pay and CRED to climb the UPI rankings – a significant feat for a newly launched app.
Super.Money has become the top company issuing secured credit cards in India with 10% market share, according to industry insights shared with TechCrunch by a person familiar with the data. These cards require customers to deposit a deposit and are currently issued in partnership with Utkarsh Small Finance Bank. A source told TechCrunch that the company is looking to expand the business and is in talks with a private sector lender to scale up distribution.
So far, Super.Money has issued about 300,000 secured cards and is adding about 50,000 new cards every month, the person said.
The secured cards business is central to Super.Money’s monetization strategy, helping users move from low-margin UPI payments to revenue-generating financial products. Although the company doesn’t charge any fees for UPI transactions, it uses that volume to onboard customers and cross-sell high-yield offerings like credit cards and consumer loans.
Unlike many other UPI-focused fintechs, Super.Money has kept its burn rate low by relying on distribution from Flipkart rather than heavy marketing. TechCrunch has learned that the company also works with a small team of around 130 to 150 people to service its user base of more than 80 million users.
For Flipkart, Super.money marks a fresh push into fintech after formally exiting PhonePe in 2023. While PhonePe came to dominate India’s UPI landscape, it now operates independently under the broader umbrella of Walmart. Super.Money, in contrast, is tightly integrated with Flipkart and focuses on monetizing financial services directly within and outside the e-commerce ecosystem.
As of now, Flipkart has invested 50 million dollars to launch its business at Super.money, led by Prakash Sikariya, who was previously Flipkart’s chief experience officer for customer development, marketing, advertising and new initiatives, and who also founded Shopify. Sikariya also helped Flipkart acquire online travel company Cleartrip and led products like Flipkart Ads and SuperCoins LinkedIn page,
However, Super.money is looking to raise an external round beyond Flipkart. The company is already in talks with bankers and is aiming to raise the valuation to around $1 billion sometime next year, sources told TechCrunch.
TechCrunch learned that Super.money is currently on track to reach nearly $30 million in annual recurring revenue by 2025. The company aims to more than triple that figure in 2026, driven primarily by growth in its secured credit card business and personal loans, as well as steps like its recently launched D2C checkout product.
That said, Super.money is still in the early stages of monetization and will likely face intense competition from established players like PhonePe, Google Pay and Razorpay – all of which are building or defending their own payments infrastructure. Its ability to turn UPI scale into sustainable revenue, particularly through lending and checkout infrastructure, will determine whether it can become Flipkart’s second big fintech success – or face the same ecosystem pressures that are currently bearing down on its peer, Jaspay.
Flipkart and Sikaria did not respond to requests for comment.
Note: This story has been updated to clarify details of the partnership announcement, change language about Jaspay’s current business, and add a comment by Jaspay.
