Kunal Shah-led CRED Launches CRED Money to Track Finances
- ByStartupStory | July 25, 2024
Financial management platform CRED has unveiled its latest offering, CRED Money, a comprehensive platform designed to provide users with a unified view of their balances, transactions, and spending patterns across various bank accounts. The launch, announced on Thursday, marks another innovative step by the Kunal Shah-led fintech company.
“CRED Money is built on the account aggregator (AA) framework, which enables consumers to permit secure and encrypted sharing of their bank account information between authorised organisations,” the company said in a statement.
The new platform aims to simplify financial management for users by sending reminders and updates, facilitating easy handling of recurring payments such as SIPs, EMIs, rent, staff salaries, or insurance premiums. CRED Money also offers the option to settle these payments directly through CRED UPI.
In addition to payment management, CRED Money allows users to analyze their spending patterns across bank accounts, providing insights by merchant or category. This feature enables users to better understand their financial behavior. Users can also effortlessly track various transactions, including dividends on forgotten investments, payment reversals, and tax refunds.
The platform utilizes advanced data science to turn data points into actionable insights, enabling users to plan and manage their finances more effectively.
The launch of CRED Money will be phased, gradually rolling out to CRED members. The company aims to enhance user experience by providing a seamless and secure financial management tool.
The Bengaluru-based fintech unicorn has shown significant growth, reporting a 3.5X increase in total income for FY23 compared to Rs 422 crore in FY22. CRED recorded Rs 1,400 crore in revenue from operations, although its losses widened by 5% to Rs 1,345.9 crore in FY23. The company has yet to release its FY24 earnings.
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