CRED was founded by Kunal Shah in 2018 who also founded freecharge in 2010 which is used to make bill payments similar to CRED, it’s main purpose is to make credit card bill payments hassle-free, for people who use multiple credit cards and for people who doesn’t make timely payments cred is a useful app, it also rewards it’s users with CRED coins for timely repayments, It’s userbase is increased to 1.12 crore in FY22 from 75 lakhs in FY21
CRED’S FINANCIALS
CRED makes most of its money by selling the financial information which it has collected from its users and by charging companies whose products it displays in its discover section, Valuation of the company is around $6.5b, the company’s revenue increased to ₹422cr in FY22 from ₹95cr in FY21 and its loss is also increased to ₹1279cr in FY22. from ₹524cr In FY21
one interesting thing this company does is CRED mint which is nothing but p2p lending, it has a network of trustworthy people whose credit history is good, now CRED acts as platform between it’s users to lend money and earn interest of 9%
