Super.money, a financial services platform launched last year by Walmart-owned Flipkart, has quietly partnered with payments infrastructure firm Juspay as it expands into direct-to-consumer (D2C) checkout and targets $100 million in annual revenue by 2026.
The collaboration is not accompanied by press releases or posts on social media and refers only to a blog post on Breeze’s apparently unindexed site, comes as Juspay works to rebuild momentum after major payments companies tried earlier this year to reduce the degree to which they work with third-party payment orchestrators.
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 removing one-time passwords and repeated logins. The companies did not 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 create 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 marks an attempt to create a standalone identity in the wider e-commerce ecosystem.
Juspay stands to gain from this deal, especially after payment gateways incl Razor and cashless paymentsremoved from the platform in January and urged merchants to adopt their internal payment processing tools instead.
The fallout also apparently affected Juspay’s fundraising efforts: his most recent round reached 60 million dollarsbelow previous expectations of about $100 million, people familiar with the matter told TechCrunch.
Juspay says it works exclusively with merchants and provides them with the back-end software to facilitate payments, but operates at the middle level 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 even received a payment aggregator license from the Reserve Bank of India last year. But as competition has intensified in India’s digital payments space, players like Razorpay, Cashfree and Flipkart spinoff PhonePe have launched limiting their own dependence on third party providerschoosing instead to nurture their relationships with merchants.
“Our trading activities remain fully stable and unaffected and we would like to emphasize that we have not lost any traders,” Juspay said in an emailed statement. “On the contrary, we have significantly increased our trade base, both in India and globally. Our daily transaction volume has grown from 200 million in January to over 300 million today, and our annual Total Payment Volume (TPV) has grown from $900 billion to $1 trillion.”
Super.money’s decision to partner with Juspay goes against a broader trend of payment players building and controlling their own infrastructure. But for a young fintech still expanding its reach beyond Flipkart, the move offers a shortcut for D2C integrations without having to build full-stack payment capabilities from scratch. It also signals Super.money’s intention to deepen consumer transactions and increase payments through its platform.
Super.money was launched as a payments app in June 2024, more than a year after Flipkart officially split from PhonePe, Super.money has since become one of India’s top five Unified Payments Interface (UPI) 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 through August, per data from the National Payments Corporation of India, the federal body that manages the UPI system.
Over the past few months, Super.money has beaten major 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 recently launched app.
Super.money has also become the leading issuer of secured credit cards in India, commanding a 10% market share, according to industry information shared with TechCrunch by a person familiar with the data. These cards require customers to put down a deposit and are currently being issued in partnership with Utkarsh Small Finance Bank. The company is looking to expand its business and is in talks with a private sector lender to scale distribution, a source told TechCrunch.
So far, Super.money has issued about 300,000 secured cards and is adding about 50,000 new cards every month, the person added.
The secure card business is central to Super.money’s monetization strategy, helping it move users from low-margin UPI payments to monetizing financial products. While the company doesn’t charge for UPI transactions, it uses this volume to onboard customers and sell higher-yielding offers like credit cards and consumer loans.
Unlike many other UPI-focused fintechs, Super.money has kept its burn rate low by relying on Flipkart’s distribution rather than heavy marketing. The company also operates with a lean team of about 130 to 150 people to serve its user base of over 80 million users, according to TechCrunch.
For Flipkart, Super.money marks a renewed push into fintech after the official launch of PhonePe in 2023. While PhonePe continued to dominate India’s UPI landscape, it now operates independently under the broader Walmart umbrella. Super.money, by contrast, remains tightly integrated with Flipkart and appears to be focused on monetizing financial services directly within — and beyond — the e-commerce ecosystem.
So far, Flipkart has invested $50 million to Super.money to launch its operations, led by Prakash Sikaria, who was previously Flipkart’s head of experience for customer development, marketing, advertising and new initiatives, and who also founded Shopsy. Sikaria also helped Flipkart acquire online travel company Cleartrip and products like Flipkart Ads and SuperCoins. LinkedIn page.
However, Super.money wants to go beyond Flipkart and raise an external round. The company is already in talks with bankers and aims to raise a valuation round of around $1 billion sometime next year, sources told TechCrunch.
Super.money is currently on track to close 2025 with around $30 million in annual recurring revenue, according to TechCrunch. The company aims to more than triple that amount by 2026, largely due to the growth of its secured credit cards and personal lending, as well as through moves like its recently launched D2C product.
That said, Super.money is currently in its early stages of monetization and will likely face increased competition from established players like PhonePe, Google Pay, and Razorpay — all of which are building or defending their own payment infrastructure. Its ability to turn UPI scale into sustainable revenue, especially through its lending and checkout infrastructure, will determine whether it can become Flipkart’s second big fintech success — or face the same ecosystem pressure currently weighing on its partner Juspay.
Flipkart and Sikaria did not respond to requests for comment.
Note: This story has been updated to clarify details of the partnership announcement, modify language around Juspay’s current business, and add a comment from Juspay.
