Super.money plans broking foray, bets on UPI and AI to 'simplify investing'

Prakash Sikaria, founder of super.money

Super.money, the fintech arm of Walmart-owned Flipkart, is exploring an entry into stock broking, signalling the next big step in its journey towards becoming a full-stack financial services platform.

“We are reimagining stock trading for the next wave of investors. We believe investing shouldn’t feel intimidating, cluttered, or built only for the ‘experts'," founder Prakash Sikaria said in a LinkedIn post on July 17.

The payments and lending firm is looking to build a simplified trading interface at the intersection of UPI, AI and broking, which will make trading "effortless for millions of new investors to get started", he said.

In May, the company launched a co-branded Axis Bank credit card offering 3 percent cashback for every UPI scan and pay transaction. The card is based on the Rupay network, which can be linked to customers’ UPI accounts.

Full-stack ambition

Launched in July 2024, Super.money has grown to be India’s fifth-largest UPI payments app, surpassing established players such as BHIM, WhatsApp Pay, Cred, and Amazon Pay.

Offering up to 5 percent cashback on everyday merchant spends, the app has rapidly scaled its user base by targeting digitally savvy, first-time earners.

Flipkart infused $20 million to spin off super.money as an independent entity focused on credit, payments and savings, unconstrained by its core e-commerce business. The app is looking to raise $60–100 million at a $1 billion valuation, Moneycontrol reported in April.

“The company has been able to meet and even surpass the milestones set for itself. This has encouraged Flipkart and the company management to postpone the external fundraising for a bigger round and a much better valuation,” a person aware of internal discussions had said.

With the broking feature, Super.money is likely to extend its product playbook beyond UPI and credit. The company already offers a secured credit card, BNPL, fixed deposits and recently acquired checkout financing startup BharatX.

Sikaria has said the focus isn’t on building a 500-million user base but on serving 30–40 million deeply engaged users who can be cross-sold financial products.

After parting ways with PhonePe in December 2022, Flipkart re-entered the fintech space with Super.money. While PhonePe has already ventured into stock broking with Share.Market app, Super.money now appears to be eyeing a similar path.

This also comes amid a broader interest in the retail investing space. Mobikwik recently secured a SEBI broking licence, while former Swiggy CTO Dale Vaz’s investing app Sahi raised $10.5 million in a Series A round from Accel and Elevation Capital. Another broking firm, Dhan, is in advanced talks to raise up to $200 million, Moneycontrol reported in June.