Super.money, a financial service platform spun off 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 partnership, unaccompanied by press releases or social media posts and only mentioned in a blog post on Breeze’s seemingly un-indexed website, comes as Juspay works to rebuild momentum after major payment companies earlier this year sought to reduce how much 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 purchases 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 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.
Juspay stands to gain from this deal, especially after payment gateways, including Razorpay and Cashfree Payments, moved away from the platform in January, and urged merchants to adopt their in-house payment processing tools instead.
The fallout apparently also affected Juspay’s fundraising efforts: its most recent round came in at $60 millio , down from earlier expectations of around $100 million, people familiar with the matter told TechCrunch.
Juspay says it solely partners with merchants and provides them the 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 helps reduce transaction failures.
The company counts Amazon as a long-standing client, 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 begun limiting their own reliance on third-party providers, opting instead to cultivate their relationships with merchants.
“Our merchant operations remain fully stable and unaffected, and we would like to emphasize that we have not lost any merchants,” Juspay said in an emailed statement. “On the contrary, we have grown our merchant base significantly, both in India and globally. Our daily transaction volume has grown from 200 million in January to over 300 million today, and our annualized total payment volume (TPV) has risen from $900 billion to $1 trillion.”
Super.money’s decision to partner with Juspay runs counter to 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 to D2C integrations without having to build full-stack payment capabilities from scratch. It also signals Super.money’s intent to delve deeper into consumer transactions and increase payments through its platform.
Launched as a payment app in June 2024, more than a year after Flipkart formally separated 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 over 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.
In recent months, Super.money has surpassed large 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 also become a top issuer of secured credit cards in India, holding a 10% market share, according to industry insights shared with TechCrunch by a person familiar with the data. These cards require customers to put down a deposit and are currently issued in partnership with Utkarsh Small Finance Bank. The company is looking to expand the business and is in talks with a private sector lender to scale distribution, a source told TechCrunch.
So far, Super.money has issued around 300,000 secured cards and is adding approximately 50,000 new cards each 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 into revenue-generating financial products. While the company doesn’t charge for UPI transactions, it uses that volume to onboard customers and cross-sell higher-yield offerings such as 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 around 130 to 150 people to serve its user base of over 80 million users, TechCrunch has learned.
For Flipkart, Super.money marks a renewed push into fintech after it formally spun out PhonePe in 2023. While PhonePe went on to dominate India’s UPI landscape, it now operates independently under Walmart’s broader umbrella. Super.money, by contrast, remains tightly integrated with Flipkart and appears focused on monetizing financial services directly within — and beyond — the e-commerce ecosystem.
So far, Flipkart has invested $50 millio in Super.money to kick off its business, led by Prakash Sikaria, who was previously Flipkart’s chief experience officer for customer growth, marketing, ads, and new initiatives, and who also founded Shopsy. Sikaria also helped Flipkart acquire online travel company Cleartrip and led products such as Flipkart Ads and SuperCoins, per his LinkedIn page.
However, Super.money is looking to go beyond Flipkart and raise an external round. The firm is already in talks with bankers and is aiming to raise the round at around $1 billion valuation sometime next year, sources told TechCrunch.
Super.money is currently on track to close 2025 with around $30 million in annual recurring revenue, TechCrunch learned. The firm is aiming to more than triple that figure in 2026, largely driven by growth in its secured credit card business and personal lending, as well as through moves such as the recently launched D2C checkout product.
That said, Super.money is currently in its early stages of monetization and will likely face intensifying competition from established players like PhonePe, Google Pay, and Razorpay — all of whom are building or defending their own payments infrastructure. Its ability to convert UPI scale into sustainable revenue, especially through lending and checkout infrastructure, will determine whether it can become Flipkart’s second major 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 the details of the partnership’s announcement, tweak the language around Juspay’s current business, and add a comment by Juspay.
