Super.Money, a fintech startup backed by Flipkart, has launched a new fixed deposit (FD) offering called SuperFD, expanding its product portfolio.
Deposits are insured up to INR 5 lakh in Super.Money
According to INC42, SuperFD allows users to book FDs starting from INR 1,000 with interest rates of up to 9.5%. The deposits are insured up to INR 5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Super.Money’s founder and CEO, Prakash Sikaria, stated, “By offering attractive interest rates, flexibility, and seamless access, SuperFD makes it easier for individuals to invest in a low-risk, high-return product.”
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Notably, Super.Money has partnered with five RBI-approved banks to launch SuperFD. The startup identified a demand for FDs through user interactions, particularly among affluent individuals aged 20-35 seeking higher interest rates. SuperFD is live for Super.Money’s 7 million users, who can start their FDs with a two-minute eKYC process.
Super.Money eyes to surpass Amazon, Flipkart
Meanwhile, the fintech company aims to become the largest open-ended credit card distributor in India by January, surpassing Amazon and Flipkart’s credit card services. Its credit card offering, SuperCard, has garnered interest from 1.25 million users. However, distribution has been delayed due to bank operational scaling issues.
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Further, Super.Money’s UPI offering, SuperUPI, has scaled significantly since its launch, facilitating 49.68 million transactions worth INR 2,167.86 crore in October. The startup plans to expand into credit lines and personal loans by March 2025.
Regarding funding, Sikaria mentioned that Super.Money will seek external investment by June-July 2025, after scaling its other offerings. “Our financial services thesis is playing out. It is in motion and will become clearer in six months. I think that will be the right time for us to start engaging with investors,” he added.
Moving forward, Super.Money’s growth trajectory is promising, with its UPI transactions expected to reach 100 million by the end of the year.
