Fintech company CRED has introduced a new platform called CRED Money offering bank account management to users.
The company stated that the platform will enable users to track balance and transactions across multiple bank accounts, make UPI payments, and get insights into their spending patterns. Select users can avail of the feature from Thursday onwards. Additionally, the platform will send out reminders, and help track EMIs, SPIs, salaries, insurance premiums, and even rent.
To offer the services, the Bengaluru-based fintech will be collaborating with RBI-licensed account aggregators Finvu and CAMS, which would act as intermediaries as ordained by RBI rules, by sourcing data from providers of customers’ financial data and sharing it with CRED- a financial information user (FIU).
In February 2024, the Kunal Shah-led fintech unicorn entered the mutual fund market by acquiring Fidelity-backed Kuvera- an online wealth management startup for an undisclosed amount. It has also expanded its financial services with the inclusion of credit services, wealth management, and vehicle management & insurance. Other notable acquisitions by CRED include credit underwriting platform CreditVidya, expense management startup Happay, and prepaid payment company HipBar.
CRED’s revenue for FY23 grew by more than three times to Rs 1,484 crore from Rs 422 crore in FY22 while its losses also jumped from Rs 1,279 crore to Rs 1,347 crore in the same period.
