Flipkart, backed by Walmart, has invested USD 30 million in its fintech subsidiary, Super.money. This investment comes after a prior USD 20 million infusion when the company was spun off last year. The funding will help Super.money expand into lending and stock broking, accelerating Flipkart's overall push into financial services.
Key Highlights
- Flipkart invests $30 million in Super.money to expand lending and stock broking services.
- Super.money aims for profitability by year-end, having disbursed over $700 million through partners.
Super.money, which launched in 2024, has quickly grown to become one of India's most popular UPI apps. According to data from the National Payments Corporation of India (NPCI), the app processes hundreds of millions of transactions each month. Super.money already offers a co-branded credit card and intends to expand into personal loans and wealth products. The company aims to be profitable by the end of the year, having already disbursed more than USD 700 million through its lending partners.
The investment comes as Super.money prepares to raise external funds to support its expansion. Flipkart's entry into the fintech sector is a strategic move, especially as the company considers a potential IPO for its core e-commerce business. By expanding its financial services arm, Flipkart is diversifying its revenue streams.
Also Read: Walmart's Flipkart Obtains RBI Approval to Offer Direct Lending in India
In addition to UPI services, Super.money is developing a simple stock trading platform. This initiative seeks to attract new retail investors to India's growing market. The company's emphasis on a user-friendly interface that combines UPI and AI is intended to make investing easier for first-time investors.
The partnership with Super.money comes after Flipkart obtained a Non-Banking Financial Company (NBFC) license from the Reserve Bank of India (RBI). This license enables Flipkart to provide loans directly to customers, moving away from its previous model of partnering with third-party lenders.
