Cred Launches ‘Cred Money’: All-in-One Dashboard for Managing Financial Information

2 Minutes Read

Fintech app Cred has introduced a new feature called Cred Money, a unified dashboard that brings all your financial data together at one place. This includes your bank accounts, spending, demat accounts, subscriptions, bill payments, insurance premiums, dividends, and tax refunds.

Originally known for credit card bill payments, Cred is now focusing on becoming the top choice for managing finances for its affluent users. With Cred Money, you can easily track and manage all your financial information from a single platform.

This service uses the government’s Account Aggregator framework and ensures that data collection and analysis are done with your consent.

Moneycontrol reported Kunal Shah, founder of Cred as saying that if there is more money then there are more problems. For wealthy individuals, handling finances can be complex and stressful. To reduce this burden they have developed a solution to simplify money management and reduce anxiety. Their Cred Money product will help affluent people to gain better control over their finances without the usual hassle.

Cred is focusing on improving its engagement with premium customers instead of expanding its reach to a broader audience.

Recently, the company introduced a luxury rewards program called ‘Only Fridays.’ This program offers high-end items such as premium headsets, speakers, luxury watches, PlayStation consoles, and designer clothing and accessories.

To participate, customers need to have accumulated over one million Cred Coins, which are earned by paying credit card bills through the platform. With each coin representing one rupee spent on credit card bills, this means these customers have paid a total of over one million rupees in credit card bills on Cred.

Also Read: Budget 2024: No Penalty on Indian Employees for Not Reporting Foreign Assets up to Rs 20 Lakh

In recent years, Cred, valued at over $6 billion, has broadened its range of financial services to include credit, vehicle management, insurance, and wealth management.

Earlier this year, Cred bought Kuvera, an online wealth management startup supported by the US investment firm Fidelity. This acquisition allowed Cred to enter the rapidly expanding mutual fund market in India, putting it in competition with established players like Zerodha and Groww.

Want to learn the art and science of managing your money? The 1% Club can help. Details here