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The average value of a bill that Cred processes is worth over Rs 14,000 whereas the value of a bill that PhonePe processes is around Rs 3,000.
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CRED founder Kunal Shah shares his observations on India's economic growth, highlighting the lack of 'time value of money' and the low female workforce involvement.
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This light-hearted exchange highlighted CRED's well-known internal policy: a stellar resume and top-notch skills aren't enough to secure a job at the company; prospective employees also need a credit score exceeding 750.
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The funding will value Cred at approximately $3.5 billion, a sharp drop from the previous $6.5 billion valuation amid a broader funding slowdown in India’s startup ecosystem.
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Kunal Shah said the ability to adapt will be critical for startups as emerging technologies like AI reshape industries such as BPO and IT services.
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He was answering a question on negative coverage of BluSmart founder allegedly diverting loans meant for funding BluSmart's electric vehicle purchases for personal use.
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Kunal Shah acknowledged that many fintechs are faced with difficult trade-offs. “A lot of choices in fintech have to be made where it may not be great with the consumer, but it is great for business,” he said.
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Speaking about the rapid advancements in AI and its impact on software development, CRED CEO Kunal Shah said that while AI tools are reducing the time and cost of building software, efficiency alone does not equate to success.
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PhonePe dominates UPI payments, with a 47.5% market share in volume in February. In value terms, its share is even higher at 51 percent
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He added that Cred will start hiring more number of “high-judgment people” versus people who can just "work", referring to coders.
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Cred, which caters to India's affluent consumers, currently allows only people with a credit score of 750 and above to sign up for its product.
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Cred also unveiled a slew of features to help users manage and improve their credit scores, along with a new credit card management experience
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Late last year, NPCI extended the implementation of its 30 percent market cap by two more years, as the newer players failed to make any material impact
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As of December 2024, Cred’s monthly transacting user base crossed 1.2 crore, growing at a CAGR of 30 percent.
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This launch follows RBI's announcement in April 224, which proposed extending CBDC to a broader user base. While Cred has introduced a beta version of its e₹ wallet for a select group of users, MobiKwik has rolled out a full-scale launch, making it available to all Android users.
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The accused allegedly forged signatures and seals on Corporate Internet Banking (CIB) forms, facilitating the fraudulent transfer of Rs 12.51 crore to 17 different bank accounts.
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According to Kamath, fintechs are constantly building more and newer products without looking at business outcomes.
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At the Moneycontrol Fintech Conclave, Kamath highlighted that broking is already facing disruption, and the next target could be Asset Management Companies
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Shah urged the fintech industry stakeholders to create different mechanisms to understand how credit, especially unsecured loans, are getting used to avoid NPAs due to speculative behaviours
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As part of the agreement, Happay's brand, expense management business, and its team will transition to MakeMyTrip, while CRED will retain Happay’s payments division.
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Flipkart Group’s super.money doubled the number of transactions in October, overtaking NPCI’s BHIM app
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However, instead of its core business, Cred is eying stock broking as a natural extension of its anticipated strategy of full-fledged a financial services platform, with broking a part revenue driver
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Kathpalia's leadership will enable CRED to expand its offerings while upholding its commitment to delivering a trusted experience to its members, the fintech firm said
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More than 90% of Cred’s revenue comes from payments, lending and insurance. However, as the company monetises more of its user base and cross-sells more products, this could change gradually
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Cred has seen more financial services institutions coming to its platform for unsecured lending over the last year as they chase premium customers. The RBI has expressed concern multiple times about huge growth in low-ticket unsecured loans. Cred mostly disburses high-ticket loans to prime customers, which banks, too, target.
