Cred founder Kunal Shah has introduced Cred Money, a new platform designed to streamline financial management for affluent users. This unified dashboard aggregates financial data, including payments, into a single interface, simplifying the management of complex finances.
Cred Money consolidates various financial accounts and transactions, making it easier for users to oversee their financial activities. Despite its benefits, there are concerns regarding the app’s data collection practices.
Kunal Shah emphasized the app’s value for high-net-worth individuals, stating, “More money often brings more complexities and anxiety. We’ve created a product to enhance affluent users’ relationship with their finances, providing them with greater control and reducing their stress.”
Despite a recent stagnation in user growth, Cred has diversified its offerings beyond credit card payments to include wealth management, e-commerce, travel, and automotive services. The platform initially targeted users with lower credit scores but has since refocused on acquiring customers with higher credit scores.
Cred is also expanding its engagement with premium customers through a new luxury rewards program, ‘Only Fridays’, which offers exclusive benefits to those with over one million Cred Coins. Additionally, the company is capitalizing on the growing popularity of UPI payments among affluent users, further boosting its presence in this segment.