At the Connecting Ideas With Money session held on the 22nd of December, 2022 founder Uday Wagh and Narahari Rao pitched SuperPay – a seed-stage fintech startup based in Bangalore, offering payment and financial services with innovative rewards.
UPI website:http://superpay.money/
Card website:https://www.getsuper.in/
“SuperPay aims to make rewards more meaningful, bragworthy, and exciting for GenZ and millennial users, in contrast to the boring and often useless rewards offered by other companies. To achieve this, SuperPay has developed a unique rewards model, allowing customers to invest their rewards in exciting alternative assets such as startups, movies, and commercial real estate,” says Uday.
“Most reward programs in India are subpar, leaving consumers with either exclusive ‘good’ rewards that are out of reach, underwhelming ‘average’ rewards that offer just a measly 1% cash back, or downright ‘bad’ rewards like discount vouchers or coins that are practically worthless. SuperPay is here to change that by providing meaningful and exciting rewards that are accessible to all. No more settling for less – SuperPay’s rewards will make you feel like a VIP every time.”
SuperPay’s solution is to offer ‘invest-back’ instead of ‘cash-back’, where the reward points are invested in high-performing assets like startups, movies and commercial real estate. The company converts interchange fees on card transactions into reward points, which can then be invested in these assets. SuperPay isn’t just limited to payment cards – they believe they have the power to disrupt multiple commodity, commission-based industries with their SUPER rewards. SuperPay aims to break the mold of traditional rewards programs by offering ‘something truly unique and valuable’.
Team:
Founders Uday and Narahari first met at a Mumbai coworking space. Uday, a Cornell Maha60 fellow with a background in engineering and acupuncture, brings his expertise in product management and innovation to the table. Narahari, a computer science engineer with a track record in business strategy and technology, rounds out the team with his expertise in operations and customer success. Together, these co-founders are striving to create innovative products that could make a positive impact on the often-boring world of personal finance.
Founders report: SuperPay is one of India’s 22 apps that are UPI TPAPs in partnership with Kotak Mahindra Bank and NPCI. The company has garnered over 58,000 downloads and processed over 200,000 transactions with a team of seven full-time employees. SuperPay has raised approximately $250,000 from investors such as Techstars Global Accelerator and Startupbootcamp Fintech Australia. However, due to regulatory constraints and the government’s mandate to keep UPI payments free of MDR (Merchant Discount Rate), SuperPay aims to expand into debit/credit card and financial services. The company has multiple confirmed acquisition offers, but is considering raising seed capital to continue growing the business.
