The Bengaluru based fintech company, CRED, under the leadership of founder and CEO Kunal Shah, has launched an new product named CRED Money.
This new product aims to provide users with a unified view of all their bank account balances, along with tools to analyze their spending habits.
The introduction of CRED Money marks a significant expansion beyond CRED’s traditional credit card transaction focus, bringing a comprehensive financial management solution to its affluent user base.
CRED Money Features and Benefits
CRED Money is designed to help users manage their finances more effectively and reduce anxiety associated with financial complexities.
The service offers a consolidated view of multiple bank account balances, making it easier for users to keep track of their overall financial health.
Additionally, it provides detailed insights into spending patterns across different accounts and allows users to categorize their expenses by merchant type.
To further assist users, CRED Money includes features for managing recurring payments such as Systematic Investment Plans (SIPs), Equated Monthly Installments (EMIs), rent, staff salaries, and insurance premiums.
Users will receive timely reminders and updates, ensuring they never miss a payment.
Integration with Account Aggregator Framework
Built on the account aggregator (AA) framework, CRED Money facilitates secure data sharing between banks and financial institutions, authorized by the users.
This framework enhances the accuracy and comprehensiveness of financial data available to users, aiding in better financial decision-making.
Regulatory Approval and Strategic Acquisitions
The launch of CRED Money comes shortly after CRED received in-principle approval from the Reserve Bank of India (RBI) for its payment aggregator license application in April.
In a strategic move to broaden its footprint in the wealth management space, CRED also recently acquired investech platform Kuvera.
This acquisition positions CRED to compete with major players like Zerodha, Groww, and PhonePe, leveraging Kuvera’s capabilities to offer comprehensive wealth management solutions.
Continued Innovation in Fintech
CRED’s introduction of CRED Money follows its launch of a Unified Payments Interface (UPI)-based peer-to-peer (P2P) payments system last year, underscoring the company’s continuous drive to innovate and expand its product offerings.
With CRED Money, the company is poised to enhance its value proposition to affluent individuals seeking greater control over their finances.
