India’s free digital funds revolution has upended how cash strikes — however not how fintechs make it. Now, Flipkart’s fintech arm Tremendous.cash is partnering with Kotak811, the digital providing of considered one of India’s high business banks, Kotak Mahindra Financial institution, to alter that, bundling UPI funds, financial savings, and secured credit score right into a single account aimed toward turning utilization into revenue.
The partnership goals to concern about 2 million secured bank cards within the subsequent 12 months — roughly 60 p.c to first-time debtors — and 5 million inside 2 years. Tremendous.cash, which already serves 10 million energetic customers, expects the Kotak alliance to contribute round 10 p.c of its income subsequent 12 months as it really works towards profitability by 2026, chief government Prakash Sikaria stated in an interview.
India’s Unified Funds Interface (UPI), backed by the Indian authorities, has made instantaneous financial institution transfers free and ubiquitous, processing greater than 19 billion transactions a month. That success, although, has left little room for fintechs to revenue, since regulators, together with the Indian finance ministry, don’t permit the service provider charges that usually fund rewards and credit score applications. Tremendous.cash’s wager — utilizing a secured card and financial savings account to reintroduce incentives — affords a template for constructing viable enterprise fashions atop no-fee fee methods.
“We do UPI not to solve the pure payment use case,” Sikaria instructed TechCrunch. “We do UPI to build an interesting cross-financial services play where we are acquiring and retaining customers with the UPI.”
Launched in June 2024 as Walmart-owned Flipkart’s newest fintech enterprise after spinning off PhonePe in 2023, Tremendous.cash is already producing about $3 million in month-to-month income, with an annualized run fee of roughly $36 million, the chief stated.
The fintech app has emerged as considered one of India’s high 5 UPI platforms in current months, processing greater than 200 million transactions a month for 4 straight months by means of August, per the Nationwide Funds Company of India, the federal physique that manages the system.
Round 80% of Tremendous.cash’s income comes from private loans, 10% from bank cards, and the remaining 10% from fee merchandise reminiscent of invoice funds and recharges. The fintech says it retains roughly 85% of customers, with 60–70% of its transactions coming from clients below 30.
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Sikaria famous that Tremendous.cash’s enterprise mannequin rests on two monetization engines. “The first is the financial-services engine — personal loans, cards, deposits, and similar products — and the second is commerce,” he stated. “Our idea is to bring a Klarna-style’ pay-in-three’ model on top of commerce, creating a financial overlay that lets customers buy now and pay later within the Super.money ecosystem.”
The partnership with Kotak Mahindra Financial institution, India’s fourth-largest lender by market capitalization, offers Tremendous.cash entry to a big, regulated banking infrastructure. It follows an earlier tie-up with Utkarsh Small Finance Financial institution to particularly provide secured playing cards by means of its platform, marking the fintech’s transfer into mainstream retail banking.
The collaboration introduces what the businesses name a “3 in 1 Super Account,” combining a financial savings account, UPI funds, and a fixed-deposit-backed secured bank card aimed toward increasing credit score entry for first-time debtors.
To open a 3-in-1 Tremendous Account, customers must make a hard and fast deposit of no less than ₹1,000 (about $11). The account earns curiosity on the deposit and affords a cashback on each transaction. It additionally features a UPI-on-credit function — a credit score line backed by the deposit that doesn’t require any earnings proof.
Sikaria instructed TechCrunch that secured playing cards had been chosen because the anchor product as a result of they match inside India’s zero-fee UPI system whereas nonetheless permitting the rewards and cashbacks that the platform was by no means designed to help.
“Our focus is to bring in users who have a higher propensity to engage with our products,” he stated. “UPI happens to be the core engagement and acquisition hook, but for people who don’t want to engage in financial services or other products that we launched, we do not want to serve them from a UPI or payment perspective.”
The partnership with Kotak Mahindra Financial institution comes quickly after Tremendous.cash teamed up with SoftBank-backed Juspay to launch a one-click checkout expertise for on-line retailers, aimed primarily at direct-to-consumer manufacturers.
About 1,000 retailers already use the answer, and Tremendous.cash plans to broaden that community by means of partnerships with extra D2C gamers and different corporations inside the Flipkart group, Sikaria stated.
The secured card earns service provider low cost income on transactions, and that funds the cashback, Sikaria stated. “Obviously, there is a standard acquisition fee to the partner bank that we charge to the bank, so that comes as a monetization for us as well,” he added.
Tremendous.cash plans to concern about 200,000 secured playing cards a month below its partnership with Kotak earlier than increasing to different banks, Sikaria stated.
Thus far, Flipkart has invested about $50 million in Tremendous.cash to kick off its operations. Because the enterprise scales, the fintech plans to lift further capital — presumably from exterior traders as effectively.
“We need more capital for at least a couple of years,” Sikaria stated. “Very soon, we’ll start formulating our capital-raise strategy.”
He declined to say whether or not the following spherical would come from Flipkart or outdoors traders however famous that Tremendous.cash is receiving inbound curiosity from “a lot of investors.”
Within the meantime, Sikaria stated the corporate is maintaining its money burn low, describing its present month-to-month burn as a “low single-digit million number” with out offering specifics.
He added that Tremendous.cash is intentionally specializing in India’s high 10 to 30 million customers, moderately than competing with mass-market fee gamers reminiscent of Google Pay or PhonePe that focus on a whole lot of hundreds of thousands.
“What we want to do is build a formidable secured card franchise with a profitable P&L — for us, the bank, and our customers as well,” Sikaria stated.
