Join Our Community
YouTube Icon LinkedIn Icon Twitter Icon Instagram Icon Facebook Icon
Join Our
Community

Feedback


CRED Launches Personal Financial Management Platform CRED Money

2024/07/25 17:06 pm


Fintech firm Cred is launching a new offering called Cred Money for users to manage bank accounts.

The company, whose eponymous flagship product helps customers manage their credit card usage, said Cred Money would allow users to have a unified view of all their bank accounts and their balances. It will be available to select users starting Thursday, 25 July.

Cred Money will also allow users to track transactions across multiple bank accounts and get insights into their spending behaviour, as well as make payments through its inbuilt UPI offering.

“An affluent Cred user makes close to 200 transactions per month across various UPI, net banking, subscriptions, investment apps and so on… this is an attempt at making those decisions easier to make and track,” said Akshay Aedula, Head of Product at Cred.

Cred will work with Reserve Bank-licensed account aggregators Finvu and CAMS to offer the services on Cred Money, founder Kunal Shah said. Under RBI rules, account aggregators act as an intermediary by collecting data from financial information providers that hold the customer’s financial data and sharing that with financial information users (FIU) such as lending banks and agencies that provide financial services. Cred is an FIU.

“For the affluent, managing finances often means more complexities leading to anxiety. We have built a product that improves every affluent person’s relationship with money and makes them less anxious about it through a trusted, insightful experience,” Shah said.

Over the past few years, Cred, which was last valued at more than USD 6 billion, has expanded its financial services offerings by venturing into credit, vehicle management, insurance, and wealth management.

The platform helps keep track of all the payments, be they SIPs, EMIs, rent, staff salaries, or insurance premiums. It sends reminders, and updates, and offers easy ways to act on them directly with CRED UPI.

CRED is a licensed financial information user and provides service without taking bank account login credentials or statements. CRED Money will be rolled out to members in phases.

In February, the company acquired Kuvera, an online wealth management startup backed by US investment firm Fidelity for an undisclosed sum. The buyout marked Cred’s entry into the country’s fast-growing mutual fund market, challenging incumbents such as Zerodha and Groww.

Cred has expanded its services through strategic acquisitions in the fintech space. In the last few years, it has acquired credit underwriting platform CreditVidya, prepaid payment company HipBar and expense management platform Happay.

In fiscal 2023, Cred's income more than tripled to INR 1,484 crore from INR 422 crore in the previous year. Its loss widened to INR 1,347 crore from INR 1,279 crore.

Don’t miss our future updates!

Get subscribed our
newsletter today!