Fintech unicorn CRED has acquihired savings and investment platform Spenny for an undisclosed amount, continuing its expansion in the lending and wealthtech space.
"The work of CRED and with Kunal (Shah) have done to inculcate positive financial behavior has been an inspiration," Spenny's cofounder Rathin Shah tweeted on June 23. "We're excited to start a new journey working with the CRED team to take this mission forward. Onwards & upwards."
Founded in 2019 by Shah and Gaurav Arora, Spenny is a micro-savings and investment platform that encourages users to spare a small amount of money towards savings and investment from daily transactions or online spending.
Spenny was part of Y-Combinator's winter batch of 2020 and it raised a seed round of $150, 000.
Rathin Shah will join CRED's product team, sources said.
Kunal Shah-led CRED has been widening its presence in the lending and wealthtech space. In 2022, it acquired fintech SaaS platform CreditVidta for an undisclosed deal size.
CRED recorded a net loss of Rs 1,279 crore in the financial year 2022 even though its revenue jumped almost 340 percent to Rs 422 crore from the previous year.
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