Flipkart's super.money acquires checkout financing platform BharatX to expand credit offerings

Flipkart Group’s payments-focussed UPI app super.money has acquired Y Combinator-backed checkout financing platform BharatX for an undisclosed amount to strengthen its existing offerings, especially Buy Now Pay Later (BNPL).

Checkout financing allows users to shop products online in instalments at the time of checkout.

As part of the acquisition, the core team of BharatX will work closely with super.money to scale up its offerings in the credit-on-UPI space.

"We see credit-on-UPI as a game-changer for financial access in India. By leveraging BharatX’s platform, we are developing unique credit-on-UPI products that align with our shared vision of financial inclusion, empowering millions to transact with ease," super.money CEO and founder Prakash Sikaria said.

Founded in 2019, Bengaluru-based BharatX has tie-ups with more than 200 brands for checkout financing options through four banking partners, the company’s website says.

The company had raised $4.74 million across two funding rounds from investors such as Y Combinator, Multiply Ventures, Soma Capital, Java Capital, and 8i Ventures.

Also read: UPI helping us reimagine financial services, says super.money CEO Prakash Sikaria

“Over the last four years, starting out in college, we were able to provide credit to hundreds of thousands of consumers in India profitably, without any documentation or credit score needed. Via this acquisition, we will take our product to newer heights using the wider distribution with super.money,” BharatX founder Mehul Jindal said.

Launched in July 2024, super.money became the sixth largest payments player in November, racing ahead of Amazon Pay and WhatsApp Pay.

The firm registered a 24 percent month-on-month growth in January, facilitating around 125 million transactions, data available with the National Payments Corporation of India (NPCI), the entity that operates UPI, shows.

Also read: Navi, super.money building on UPI gains, Cred's share stagnant since April 2024

The company launched fixed deposits in November in partnership with four small finance banks and is on track to roll out credit products such as credit cards and personal loans over the next few months.