Flipkart-backed fintech platform super.money on Tuesday acquired Bengaluru-based checkout financing platform BharatX in an all-cash deal. The financial details of the transaction have not been made public.
With the acquisition of BharatX, super.money aims to address the growing demand for innovative credit on UPI solutions, the Flipkart-run company said in a statement.
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As part of the acquisition, the core team that developed BharatX will work closely with super.money, using its expertise and technology to scale super.money’s offerings.
As per Tracxn data, BharatX was valued at $1.67 million in April 2021 when it raised a $250,000 seed round from investors such as Java Capital, LetsVenture and Anupam Mittal.
A year later, the startup raised $4.75 million from Y Combinator, Multiply Ventures, and angel investors such as Mamaearth’s Varun Alagh and Cred founder Kunal Shah. BharatX offers buy-now-pay-later and EMI solutions to customers at the point of sale.
“At super.money, 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,” said Prakash Sikaria, CEO and founder of super.money.
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super.money is the sixth-largest UPI player in India, and registered a 24% month-on-month growth in transaction volume in January, according to National Payments Corporation of India data. It currently has a UPI market share of 0.7%. It also offers personal loans and other unsecured credit products.
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