CRED
CRED is an Indian fintech company, founded by Kunal Shah in 2018 and is headquartered in Bangalore, India. The company aims to provide a convenient and rewarding experience for credit card users by helping them manage their credit card payments, track spending, and earn rewards for responsible credit behaviour.
It offers features, like paying all their credit card bills in one place and earning "CRED Coins" as rewards every time bills are paid. Cred Coins can be redeemed as offers and discounts to buy stuff from Cred’s online store. It also provides users with an option to play games, take quizzes, and join contests.
In 2019, it launched its own app and gained initial attention for its innovative approach to credit card management and rewards. In the same year, it started building its user base, which continued in 2020 when new features were introduced, such as CRED Pay. By 2021, the user base expanded significantly and positioned Cred as one of the prominent fintech startups in India.
In 2023, CRED introduced a new way for its users to make payments using UPI. With this feature, CRED members can now pay anyone from their contact list, using phone numbers or UPI IDs.
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News
CRED's revenue surges 66% to Rs 2,473 Cr in FY24, operating losses drop 41%
Sayan Sen | September 30, 2024
Fintech platform CRED saw it's total revenues surge by 66% to Rs 2,473 crore in FY24 while operating losses came down by 41% to Rs 609 crore from 1,024 crore. According to CEO Kunal Shah, CRED is also reaping the benefits of what the tech world calls “operating leverage” when it comes to cutting
FinTech
Kunal Shah-led CRED launches CRED Money to track finances
Akshita Toshniwal | July 25, 2024
CRED Money unifies all bank accounts of a user and overcomes the need to manually create a taxing spreadsheet of their income and expenses.
Daily Capsule
Karnataka’s carpooling conundrum; CRED’s income jumps 3.5X in FY23
Team YS | October 6, 2023
Industry stakeholders said various mechanisms have been deployed to prevent carpooling from evolving into a quasi-taxi operation. CRED reported a 3.5X growth in total income in FY23 compared to Rs 422 crore in FY22. Acko General Insurance’s net loss increased by over 44% to Rs 551 crore in FY23.
FinTech
CRED revenue jumps 3.5X to Rs 1,484 Cr in FY23, losses widen by 5%
Trisha Medhi | October 5, 2023
Bengaluru-based fintech unicorn CRED’s losses grew marginally to Rs 1,345.9 crore in FY23, widening by 5% from Rs 1,279.5 crore in FY22.
News
CRED launches garage, a vehicle management service for members
Saranya Chakrapani | September 28, 2023
With this vertical, users can access essential documents, and get reminders for tasks like pollution checks, emission tests and insurance renewals.
Funding
Flash.co raises $6.7M in Pre-Series A round led by Blume Ventures, PeerCapital
Palak Agarwal | September 19, 2023
Bengaluru-based ecommerce startup Flash.co's total funding now stands at $12.5 million. It plans to use the capital to strengthen its position as one of the leading lifestyle apps for shoppers.
News
RBI rejects Cred's application to increase stake in NBFC Newtap: Report
Team YS | August 18, 2023
Cred is looking to restructure the shareholding of its NBFC firm Newtap, in which it holds 23.6% stake while the rest is with Kunal Shah, as it looks to tap new clients and expand its scope of lending beyond Cred users.