Cred
Cred
How it started?
Cred was founded in 2018 by Kunal Shah, who is also the founder of FreeCharge, another
popular Indian fintech startup. Shah started Cred with the aim of improving the credit score and
financial health of credit card users in India. The idea behind Cred was to provide a seamless and
convenient platform for users to manage their credit card bills and improve their
creditworthiness.
Initially, Cred started as a mobile app that allowed users to pay their credit card bills and earn
rewards points for doing so. However, in 2019, the company launched its premium subscription
service, Cred Club, which offered additional benefits and rewards to high credit score users. The
service was well-received by users, and Cred has since expanded its offerings to include
personal loans, insurance, and other financial products. As of 2021, Cred had over 5 million
registered users and had raised over $800 million in funding from investors.
Current operations:
Cred currently operates as a financial technology platform that offers various products and
services to its users in India. Some of its current operations include:
1. Credit card bill payment
2. Credit score tracking
3. Cred Club (a premium subscription service offering exclusive benefits)
4. Personal loans
5. Insurance
Overall, Cred's operations are focused on simplifying and improving the financial lives of its
users in India by offering a range of convenient and innovative financial products and services.
Cred’s competition:
1. Paytm: Paytm is a digital payments and financial services platform that offers a range of
products, including bill payments, money transfers, loans, and insurance.
2. PhonePe: PhonePe is a digital payments platform that offers services such as money
transfers, bill payments, and online shopping.
3. Google Pay: Google Pay is a digital payments platform that allows users to make
payments, pay bills, and send money.
4. Razorpay: Razorpay is a payment gateway platform that offers businesses a range of
payment solutions, including card payments, net banking, UPI, and mobile wallets.
5. MobiKwik: MobiKwik is a digital wallet and payments platform that offers services such as
bill payments, mobile recharges, and money transfers.
These companies are all well-established, however what separates cred from them is:
● Cred focuses on high credit score users and offers them exclusive benefits and rewards
through its premium subscription service, Cred Club.
● Cred places a strong emphasis on design and user experience, which contributes to a
more enjoyable user experience compared to competitors.
● Cred has diversified its offerings to include personal loans and insurance products, which
allows it to offer a wider range of financial services and generate additional revenue
streams.
● Cred offers educational content and tools to help users better understand and manage
their finances, setting it apart from competitors who may focus solely on transactional
services.
Human resources:
Cred Club has a lean team of employees, with a focus on hiring individuals with experience in
finance, technology, and marketing. The company places a strong emphasis on employee
development and offers competitive compensation and benefits to attract and retain top talent.
Future Prospects:
Cred has a promising future ahead with several potential growth opportunities. Here are a few
key factors that could contribute to the company's continued success:
1. Expansion into new markets: Cred currently operates in India, but there is potential for the
company to expand into other markets. As the demand for digital financial services
continues to grow globally, Cred could explore opportunities to expand its user base
beyond India.
2. Introduction of new products and services: Cred has already expanded its offerings
beyond credit card bill payments to include personal loans and insurance. The company
could continue to introduce new products and services that complement its existing
offerings and appeal to its target audience.
3. Strategic partnerships: Cred has already formed partnerships with several popular brands
and influencers. The company could continue to form strategic partnerships to expand its
reach and increase brand awareness.
4. Focus on customer experience: Cred has built a reputation for providing a seamless and
user-friendly experience. As the competition in the digital financial services space
increases, Cred could continue to differentiate itself by placing a strong emphasis on
customer experience and satisfaction.
Overall, with its strong brand, loyal user base, and innovative approach to digital financial
services, Cred has a bright future ahead.