Super.money debuts shopping marketplace with no-cost EMI plans
What's the story
Super.money, a fintech company backed by Flipkart, has expanded its services to include an in-app marketplace called SplitStore. The new platform allows users to buy products on zero-interest installments. Prakash Sikaria, the company's founder and CEO, said they expect about 10% of their user base to shop from this store. The move comes as part of Super.money's strategy to tap into the growing intersection of payments, shopping, and embedded credit services.
Product diversity
SplitStore hosts 6 million products across categories
The SplitStore marketplace hosts around six million products across various categories such as smartphones, fashion, electronics, home appliances, and furniture.
The platform has partnered with regulated lenders to enable customers to split payments into multiple interest-free installments.
Brands like Apple, Nothing, Nike, Adidas, and Marshall are already part of this expansive product range.
Future expansion
Plans to onboard more D2C brands
Currently, Super.money's store is mostly stocked with inventory from its parent company, Flipkart. However, the company plans to expand its offerings by onboarding more direct-to-consumer (D2C) brands.
By the end of this year, these D2C brands are expected to account for 30% of the marketplace's inventory.
This strategy aligns with their goal of becoming an affiliate partner to Flipkart or D2C brands without getting into buying or selling directly.
Innovative strategy
How does it work?
Unlike traditional buy-now-pay-later schemes, Super.money doesn't charge interest, processing fees or late-payment fees.
The service is available after a KYC process without needing a credit card.
Sikaria said that since these are aspirational and lifestyle products, the default rates would be much lower than similar ticket-size personal loans.
The first installment is collected as a down payment, significantly reducing the credit risk.