Flipkart’s Super.money is quietly teaming up with troubled Juspay as it expands its reach

Super.money, a financial services platform spun off last year from Walmart-owned Flipkart, has quietly partnered with payments infrastructure company Juspay as it expands into direct-to-consumer (D2C) payments and targets $100 million in annual revenue by 2026.

The partnership comes as Juspay works to rebuild momentum after facing opposition from major payment companies earlier this year — a dispute that has complicated fundraising efforts.

Last week, Super.money launched its D2C payment product, Super.money Breeze, which promises merchants a one-click payment experience and aims to speed up online purchases by removing one-time passwords and frequent logins. The company hasn’t revealed 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 leverages Flipkart’s distribution, the payment product signals an effort to create a standalone identity in the broader e-commerce ecosystem.

The partnership is even more important for JusPay, which is working to regain its footing with Indian merchants. The SoftBank-backed company lost a number of them after that Payment gateways, including Razorpay and Cashfree Payments, have moved away from JusPay in January, urging merchants to adopt their own in-house payment processing tools instead. The fallout affected JusPay’s fundraising efforts, in its latest round Coming in at $60 millionThat’s down from previous expectations of about $100 million, people familiar with the matter told TechCrunch.

JusPay was previously a preferred back-end partner for payment aggregators, helping them reduce transaction failures through its payment routing platform. The company counts Amazon as a long-standing customer and obtained a payment aggregator license from the Reserve Bank of India last year. But as competition in the digital payments space intensifies in India, companies like Razorpay, Cashfree and Flipkart are starting to spin-off PhonePe. Reducing their dependence on third-party providersThey chose instead to deepen their direct relationships with merchants.

Super.money’s decision to partner with JusPay goes against the broader trend of payment companies building and controlling their own infrastructure. But for the young fintech company that is still expanding its reach beyond Flipkart, the move provides a shortcut to D2C integrations without having to build entire payment capabilities from scratch. It also signals Super.money’s intention to delve deeper into consumer transactions and increase payments through its platform.

It was launched as a payment app in June 2024more than a year After Flipkart officially separated from PhonePeSuper.money has since become one of the top five UPI (Unified Payments Interface) apps in India in terms of transaction volume. UPI is the instant payment system supported by the Indian government. The app processed more than 200 million transactions per month for four straight months through August, per Data From the National Payments Corporation of India, the federal body that runs the UPI system.

In recent months, Super.money has beaten large private banks like Axis Bank and ICICI Bank, as well as fintech companies including Amazon Pay and CRED, to climb the UPI rankings – a major achievement for a newly launched app.

Super.money has also become one of the largest secured credit card issuers in India, with a 10% market share, according to industry insights shared with TechCrunch by a person familiar with the data. These cards require customers to make a deposit and are currently issued in partnership with Utkarsh Small Finance Bank. A source told TechCrunch that the company is looking to expand its business and is in talks with a private lender to expand distribution.

Super.money has so far issued about 300,000 secured cards and is adding nearly 50,000 new cards every month, the person added.

The secured card business is central to Super.money’s monetization strategy, helping it move users from low-margin UPI payments to income-generating financial products. Although the company does not charge fees for UPI transactions, it uses this volume to onboard customers and cross-sell high-yielding offers such as credit cards and consumer loans.

Unlike many other UPI-focused fintech companies, Super.money has maintained a low burn rate by relying on Flipkart distribution rather than aggressive marketing. The company also works with a small team of about 130 to 150 people to serve its user base of more than 80 million users, TechCrunch has learned.

For Flipkart, Super.money represents a renewed push into fintech after it officially launched PhonePe in 2023. While PhonePe has continued to dominate the UPI scene in India, it now operates independently under the broader Walmart umbrella. In contrast, Super.money remains closely integrated with Flipkart and appears focused on monetizing financial services directly within — and outside of — the e-commerce ecosystem.

So far, Flipkart has done just that Invested $50 million At Super.money to launch its business, it is led by Prakash Sikaria, who was previously Flipkart’s chief experience officer for customer growth, marketing, advertising and new initiatives, and who also founded Shopsy. Sikaria also helped Flipkart acquire online travel company Cleartrip and led products including Flipkart Ads and Supercoins, according to him. LinkedIn page.

However, Super.money is looking to go beyond Flipkart and collect an overseas round. Sources told TechCrunch that the company is already in talks with bankers and aims to raise the value of the round to around $1 billion sometime next year.

TechCrunch has learned that Super.money is currently on track to close 2025 with approximately $30 million in annual recurring revenue. The company aims to more than triple that number in 2026, driven largely by growth in its secured credit card and personal lending businesses, as well as by moves including its recently launched D2C payment product.

However, Super.money is currently in its early stages of monetization, and will likely face stiff competition from established players such as PhonePe, Google Pay and Razorpay – all of which are building or defending their own payments infrastructure. Its ability to turn UPI’s scale into sustainable revenue, especially through its lending and checkout infrastructure, will determine whether it can become Flipkart’s second big success in the fintech space — or face the same ecosystem pressure that is currently burdening its partner JusPay.

Vimal Kumar, co-founder and CEO of Flipkart, Sikaria and Juspay, did not respond to requests for comment.