Fintech platform super.money has launched 'splitStore,' a new installment-based payment service aimed at individuals without a credit history. The move is part of a larger strategy to diversify revenue sources, with the company aiming to lower its reliance on pure credit products by year-end.
Fintech platform super.money, operated by Scapic Innovations, has introduced 'splitStore,' a new feature designed to allow users to pay for purchases in three installments. This product is specifically aimed at the 'new-to-credit' demographic, which includes individuals who typically lack a formal credit history or sufficient financial data to access traditional loans or credit cards.
The launch marks a strategic shift for the company. Chief Executive Prakash Sikaria has stated that the platform currently relies on credit products—such as personal loans—for 80% to 90% of its revenue. Through the introduction of commerce-linked services like splitStore, the company plans to reduce this dependency. The management aims to see credit products account for 60% of revenue by December 2026, with payments and commerce-linked offerings each contributing 20%.
From an operational standpoint, the platform employs a 'closed-loop' system for these credit transactions. Unlike traditional credit cards that can be used anywhere, this credit is restricted to a curated list of products. This structure is intended to lower transaction risk for the platform, as it gives the lender more control over where the funds are spent. Users begin with smaller credit limits, typically between ₹1,000 and ₹2,000, which can be increased based on repayment behavior.
The business model relies on partnerships with regulated entities, specifically Non-Banking Financial Companies (NBFCs) and banks, to extend the actual credit. This model is a response to the Reserve Bank of India’s (RBI) evolving regulations on digital lending, which mandate transparency and require that digital platforms operate in partnership with regulated lenders.
While the company aims to expand this service to other e-commerce and direct-to-consumer (D2C) brands, the segment faces several challenges. The Indian fintech sector is highly competitive, with many players vying for the same customer base. Additionally, the 'new-to-credit' segment is inherently riskier, as these users often lack the financial track record to predict repayment reliability. The success of this model will depend on the company’s ability to manage default risks effectively while scaling its integration across the Flipkart ecosystem and beyond.