Merger and Acquisition

Fintech Unicorn CRED Acquihires Savings and Investment Platform Spenny

• ByStartupStory     |    June 23, 2023

Fintech unicorn CRED has made another strategic move in the lending and wealthtech sector with the acquihire of savings and investment platform Spenny. The acquisition, for an undisclosed amount, aligns with CRED’s ongoing expansion plans and commitment to fostering positive financial behavior.

Spenny’s co-founder, Rathin Shah, expressed enthusiasm about the partnership, stating, “The work that CRED and Kunal Shah have done to inculcate positive financial behavior has been an inspiration. We’re excited to start a new journey working with the CRED team to take this mission forward. Onwards & upwards.”

Founded in 2019 by Rathin Shah and Gaurav Arora, Spenny offers a micro-savings and investment platform that encourages users to set aside small amounts of money from their daily transactions or online spending. The company was part of Y-Combinator’s winter batch of 2020 and raised a seed round of $150,000.

As part of the acquisition, Rathin Shah will join CRED’s product team, bringing his expertise and vision to further enhance CRED’s offerings.

CRED, under the leadership of Kunal Shah, has been actively expanding its presence in the lending and wealthtech space. In 2022, the company made headlines with the acquisition of fintech SaaS platform CreditVidta, strengthening its position in the market.

While CRED’s revenue saw a significant surge of almost 340 percent to Rs 422 crore in the financial year 2022, the company reported a net loss of Rs 1,279 crore. Despite the financial challenges, CRED remains focused on its growth trajectory and strategic acquisitions.

Follow Startup Story