CRED Set to Enter Co-Branded Credit Card Space in Partnership with IndusInd Bank: Entrackr

Fintech unicorn CRED is gearing up to expand its revenue stream via entry into the co-branded credit card space, with a planned partnership with IndusInd Bank, as per a news report by Entrackr. The move indicates a strategic product expansion for the Kunal Shah-led company beyond its core offerings. The launch is expected within the next 12 weeks

CRED’s Expansion to Product Offering

This marks a significant evolution in CRED’s product roadmap, which currently includes credit card bill payments, lending, and commerce, along with a suite of services such as credit score monitoring, bill reminders, hidden charges detection, and cashback rewards. CRED also offers tools for insurance management, FASTag recharge, and access to curated shopping and travel deals.

CRED’s Financial and Operational Insights

As of June 2024, CRED boasted nearly 13 million monthly active users, highlighting its reach among digitally savvy, premium consumers.

Financially, the startup was last valued at $3.64 billion post-money after raising $72 million in a recent funding round, a 43% drop from its $6.4 billion valuation during its Series F in June 2022.

Also Read: Practo Posts First-Ever Full-Year Operating EBITDA Ahead of IPO

Despite aiming for full-year profitability by FY26, the company reported a 22% increase in net losses in FY24, reaching ₹1,644 crore, driven partly by ESOP expenses and tax outgo. However, revenues also saw a healthy 66% YoY growth, reaching ₹2,473 crore.

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