Cred founder Kunal Shah has launched Cred Money, a unified money management dashboard bringing customer financial data, including payments, onto a single platform. The Bengaluru-based app is strengthening its position as the go-to app for well-off customers.
Cred Money aggregates various financial accounts and transactions, offering customers a unified platform. However, concerns have been raised about the app's data collection practices.
“More money, more problems. For the affluent, managing finances often means more complexities leading to anxiety. We have built a product that improves every affluent person’s relationship with money and makes them less anxious about it. This is for those who wish to have a greater control over money without the pain of doing it,” Kunal Shah, CRED's founder and CEO, told Moneycontrol.
Moneycontrol reported last month that Cred’s user growth has stagnated at 13 million customers over the last 18 months, even as it expanded beyond credit card payments to offer wealth management, e-commerce, travel and automotive products and services in the last few quarters.
Refocus On Affluent Customers:
Cred initially targeted customers with lower credit scores in mid-2022, but they were not active on the platform. The company has now shifted its focus back to acquiring customers with higher credit scores by mid-2023.
Cred is emphasising engagement with premium customers and has launched a luxury rewards program called 'Only Fridays', available to customers with over one million Cred Coins earned from paying credit card bills.
Cred offers one coin for every rupee of credit card bill value, meaning these customers have paid at least one million rupees cumulatively on the platform.
The company also recognises the popularity of UPI among affluent customers and is aggressively targeting this segment. Despite its core focus on credit cards, Cred's approach to UPI payments is proving successful, with its UPI share growing significantly.