Tamil Nadu fintech scene strengthens as Super.money expands credit offerings through strategic acquisition to introduce UPI-based checkout financing solutions
CHENNAI, February 25, 2025 – In a significant development for Tamil Nadu’s burgeoning fintech landscape, Flipkart-backed fintech firm Super.money has acquired checkout financing platform BharatX in an all-cash deal. The acquisition, announced on Tuesday, will enable Super.money to expand its portfolio of payment and credit offerings since its launch last year. The financial details of the transaction remain undisclosed.
The acquisition marks Super.money’s strategic move to introduce checkout financing capabilities for direct-to-consumer (D2C) and e-commerce brands, including Flipkart. The company will initially focus on consumer durables products through a credit line on Unified Payments Interface (UPI), combining Super.money’s UPI expertise with BharatX’s checkout financing technology.
“This is largely a tech acquisition. We want to play this out via equated monthly installments (EMIs) and buy now, pay later (BNPL), largely for products such as consumer durables. The idea is to bring our depth on UPI and leverage what they have done on checkout financing,” said Prakash Sikaria, Chief Executive Officer of Super.money.
According to the company, BharatX’s core development team will work closely with Super.money to integrate their technology into the firm’s existing infrastructure. Sikaria plans to roll out the product in the first quarter of financial year 2026 (Q1FY26), positioning Super.money to capture a larger share of India’s growing digital credit market.
The acquisition strengthens Super.money’s position as the sixth largest third-party application provider (TPAP) on UPI. The company has already established a robust product line that includes fixed deposits (FDs), credit products, and a secure co-branded credit card, serving over 10 million users across India.
In an industry-first move, Super.money is planning to introduce a secured buy now, pay later (BNPL) offering, distinguishing itself in an increasingly crowded market. This innovative approach could potentially reduce credit risks while expanding access to financing options for consumers.
BharatX brings valuable partnerships to the table, having collaborated with over 200 brands for checkout financing options and established relationships with four banking partners. This extensive network will provide Super.money with immediate access to a wide customer base.
“We have not concluded the agreement migrations or the discussions with the brand. But, you will see a significant share of the D2C pool coming along as part of this discussion,” Sikaria noted, suggesting that many of BharatX’s existing brand partnerships may transition to Super.money.
Regarding banking relationships, Sikaria expressed confidence in Super.money’s ability to negotiate favorable terms with financial institutions. “I think their terms are very different to how we work with banks and all. So we will operate at our terms, which will mean a new set of partners. Today we work with 20-25 partners so I don’t think partnership is an area we worry about,” he explained.
Founded in 2019, BharatX had raised $4.75 million in funding prior to the acquisition, according to data from market intelligence platform Tracxn. The company specialized in checkout or embedded financing, which allows consumers to purchase products from partner brands in installments at the point of checkout.
Sikaria outlined a broader vision for Super.money’s expansion into financial services: “The approach is to eventually distribute various kinds of financial services. The way we think about BNPL or EMIs is that it becomes an introductory product for a lot of our consumers. It is the first financial services product they took from our stable and later on end up taking others.”
For Tamil Nadu’s startup ecosystem, this acquisition represents a significant milestone. Chennai, often referred to as the “SaaS capital of India,” is now witnessing increased activity in the fintech sector. The Super.money-BharatX deal highlights the growing importance of Tamil Nadu as a hub for financial technology innovation, potentially attracting more investments and talent to the region.
Rajesh Kannan, a Chennai-based fintech analyst, commented on the acquisition’s regional impact: “This deal is a testament to Tamil Nadu’s emerging fintech prowess. We’re seeing more players establish operations here, drawn by the state’s technical talent pool and supportive business environment. The Super.money acquisition could trigger more consolidation and investment in the local fintech landscape.”
The state government’s initiatives to promote fintech through dedicated policies and infrastructure development have created a conducive environment for startups in this sector. The Tamil Nadu Startup and Innovation Policy aims to establish the state as a global innovation hub, with fintech being one of the priority sectors.
The acquisition comes at a time when India’s checkout financing market is experiencing rapid growth, with the BNPL segment expected to reach $45-50 billion by 2026, according to industry estimates. Super.money’s entry into this space through the BharatX acquisition positions it to capitalize on this growth while contributing to the broader financial inclusion goals in India.
As Super.money integrates BharatX’s technology and rolls out its new checkout financing solutions, it will likely create new jobs and opportunities in Tamil Nadu’s tech sector, further strengthening the state’s position as an emerging fintech powerhouse in India.
