Kunal Shah’s Cred is introducing a new service, Cred Money, designed to help customers manage their bank accounts. Cred Money allows users to monitor their activity across multiple accounts and gain insights into their spending habits. Additionally, users can make payments using Cred’s integrated UPI feature. Shah mentioned to ET that Cred will collaborate with RBI-licensed account aggregators to provide these services through Cred Money.
Cred, known for its flagship product that helps users manage credit card usage, is launching a new service called Cred Money. This feature will provide users with a consolidated view of all their bank accounts and balances, and will be available to select users starting Thursday.
Cred Money will enable users to monitor transactions across various bank accounts, gain insights into their spending habits, and make payments through its integrated UPI feature.
“Affluent Cred users typically handle around 200 transactions per month across UPI, net banking, subscriptions, and investment apps. Our goal with Cred Money is to simplify and streamline these financial decisions,” said Akshay Aedula, Cred’s head of product.
To provide these services, Cred will collaborate with RBI-licensed account aggregators Finvu and CAMS, according to founder Kunal Shah.
Under RBI regulations, account aggregators gather data from financial information providers and share it with financial information users (FIUs) like Cred, which helps in lending and financial services.
“For the affluent, managing finances often involves complexities that can lead to anxiety. We’ve designed Cred Money to enhance financial management and reduce anxiety through a trusted and insightful experience,” Shah explained.
Cred, which was valued at over $6 billion in its last funding round, has been broadening its financial services portfolio. The company has ventured into credit, vehicle management, insurance, and wealth management.
In February, Cred acquired Kuvera, an online wealth management platform supported by US investment firm Fidelity. This acquisition marked Cred’s entry into India’s growing mutual fund market, challenging established players like Zerodha and Groww.
Additionally, Cred has expanded through strategic acquisitions, including credit underwriting platform CreditVidya, prepaid payment company HipBar, and expense management platform Happay.
In fiscal 2023, Cred’s income surged to ₹1,484 crore, more than tripling from ₹422 crore the previous year. However, its losses widened to ₹1,347 crore from ₹1,279 crore.
Unified Financial View
CRED Money tackles the issue of fragmented finances that many affluent individuals in India face. The platform enables users to view balances and transactions from multiple bank accounts, wallets, and UPI IDs all in one place. By leveraging data, CRED Money offers insights that help users better plan their finances.
Streamlined Payments
As wealth grows, managing recurring payments such as SIPs, EMIs, and insurance premiums can become increasingly complex. CRED Money simplifies this by sending reminders and updates, and allowing users to make payments via CRED UPI.
Spending Analysis
The platform allows users to analyze their spending habits and search for transactions by merchant or category. This functionality helps users understand their financial behavior and make adjustments, such as changing spending habits or increasing investments.
Personal Finance Management
CRED Money utilizes the account aggregator (AA) framework, which ensures secure sharing of bank account information. This framework, part of India’s digital public infrastructure, provides users with control over their data. CRED Money organizes financial information neatly without requiring manual input.
Kunal Shah, founder of CRED, emphasized that affluent individuals often face complexities in financial management. CRED Money is designed to offer better control and reduce stress.
About CRED
CRED is a digital platform tailored for creditworthy individuals, offering rewards and experiences based on credit scores.
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