SuperMoney raises $1 Million in funding from Unitus Ventures

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The fintech startup will use this capital to expand its team and launch operations in new cities.

6th February 2020, Bengaluru: Fintech platform SuperMoney has raised $1 million (Rs 7 crore) from early-stage investor Unitus Ventures.

Aiding millions of India’s households to access financial security

The startup plans to utilize the capital to strengthen its team across technology, business development and back-end operations besides expanding operations beyond the 12 cities it is currently operational in.

Mumbai-based SuperMoney was founded by private equity and risk management professionals Shiv Nandan Negi and Nikhil Banerjee and began operations in January 2018. The company caters to gig economy and blue-collar workers offering them a suite of financial products focused towards customized credit, savings and insurance solutions. SuperMoney’s typical customers include cab drivers, delivery personnel, shop floor workers and other blue collar staff employed by corporations.

“The blue-collar consumer and the emerging gig-economy segments are today not serviced by traditional banks and NBFCs and this is the $100 billion market opportunity that we are tapping into,” said Nikhil Banerjee, co-founder of SuperMoney.

India has 200 million households without formal access to credit and minimal penetration of insurance and savings solutions. This challenge is furthered by the fact that traditional lending models continue to be physical led with high cost structures. The result is lack of solutions for access to the right kind of credit for customers with limited credit history/documentation and limited options and product mismatch for consumers in this segment.

SuperMoney’s unique approach bridges the gap between formal credit access and the underserved customer. The fintech platform is built on a B2B2C model where it accesses customers by partnering with enterprises that have large pools of blue-collar workers, contract employees or service providers. SuperMoney offers micro-credit and micro savings solutions structured to fit the nuances of each job function/use case in the respective sectors.

With 300,000 customer registrations on the platform, SuperMoney has facilitated disbursement of over 55,000 loans to date. The startup partners with leading tech and gig economy platforms including Uber, Swiggy, Shuttl, Udaan and MedPlus among others to extend its suite of products. “We aim to service 1 million customers in the next 24 months,” said Banerjee.

Supermoney offers loans with an average ticket size of Rs 10,000 presently for a tenure of 2-3 months.

“We understand our customer demography and their needs before designing a financial product that is relevant to their problem. Banks on the other hand offer a one size fits all solution,” said Shiv Nandan Negi, co-founder, SuperMoney.

“SuperMoney’s enterprise led approach makes their ability to acquire and service customers more efficient and not just underwrite but also navigate credit cycles better. They are going beyond just credit and offer a suite of financial products that makes them attractive to customers and their employees. We are very excited about the founding team and the opportunity.” said Srikrishna Ramamoorthy, Partner at Unitus Ventures.

SuperMoney is operational in Mumbai, Delhi NCR, Bangalore, Hyderabad, Chennai, Kolkata among other cities. In October 2017, the startup raised an angel round of investment from investors including Shachindra Nath, Chairman of Ugro Capital and Madhukar Gangadi, founder of MedPlus.

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About SuperMoney

Supermoney is a financial platform focused on the gig and blue-collar workforce. We provide simplified financial solutions (credit/ savings/ insurance) to blue-collar and first to finance consumers through partnerships with Corporates. More about SuperMoney >

About Unitus Ventures

Unitus Ventures is the leading venture fund in India that supports early-stage fintech, healthcare, and jobtech startups with India scale and global potential. Launched in 2012, Unitus Ventures is a founding member of Capria Network, the leading global network of emerging market fund managers collaborating to deliver superior returns and scaled impact. Unitus Ventures is based in Bangalore and Seattle. More at: and

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