Flipkart's super.money now offers 'buy now pay later' via UPI
What's the story
Flipkart's UPI-based payment app, super.money, has acquired checkout financing platform BharatX.
The deal is aimed at bolstering its offerings, especially the Buy Now Pay Later (BNPL) feature.
Checkout financing allows customers to buy products online and pay in installments at the point of sale.
The core team of BharatX will now work with super.money to expand its credit-on-UPI services.
Game changer
Acquisition to revolutionize financial access in India
Prakash Sikaria, CEO and founder of super.money, shared his thoughts on the acquisition.
He said that they see credit-on-UPI as a game-changer for financial access in India.
By integrating BharatX's platform, they would be able to create unique credit-on-UPI products in line with their shared vision of financial inclusion.
This, he said, would empower millions of Indians to transact with ease.
Company growth
BharatX's journey and future prospects
BharatX, established in 2019, has partnerships with over 200 brands for checkout financing choices via four banking partners.
The company has raised $4.74 million across two funding rounds from investors such as Y Combinator, Multiply Ventures, Soma Capital, Java Capital, and 8i Ventures.
Mehul Jindal, founder of BharatX expressed his optimism about the acquisition by stating that this move will take their product to newer heights using the wider distribution with super.money.
Expansion strategy
super.money's growth and future plans
Since its July 2024 launch, super.money has grown tremendously, overtaking Amazon Pay and WhatsApp Pay to become the sixth largest payments player by November.
The company posted a 24% month-on-month growth in January, enabling some 125 million transactions.
It launched fixed deposits in November with four small finance banks and plans to introduce credit products such as credit cards and personal loans in the coming months.