CRED: Founder Kunal Shah Revamping the Signatures Behind Credit Card Transactions in India
CRED, launched in early 2018 by Mr. Kunal Shah is a new-age fintech organization with its focus on the credit card payment management of Indians. Credit card bill payment on this platform entitles users to capture different privileges, discounts, and specific offers from affiliated companies which makes more consecutive credit card users’ spending to be directed to the platform. As credit consciousness is relatively high in the country, CRED has to promote the sensible use of credit and also ensure that the application for managing multiple credit cards is easy to use.
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CRED is a financial service and credit card bill payment application that is designed by Kunal Shah, the serial entrepreneur. He has previously set up FreeCharge, an online recharge website that Snapdeal purchased in 2015. With the Company, Shah wanted to address a more significant issue in India’s financial ecosystem: there are no incentives that encourage one to use credit responsibly and little transparency. For this reason, he thought that offering incentives for timely bill payments would improve users’ creditworthiness and the general financial environment.
CRED: Founder Kunal Shah
CRED is only for select users, including those with a high credit score, and above 750 is considered high. Such a policy provides the guarantee that the platform is populated by financially responsible users only. On board, users get rewarded with CRED coins for their credit card payments and these coins can buy vouchers, experience or discounts from popular brands. It also offers easy and quick access and management of all credit cards, statements, spending, and due dates.
The company has also diversified its portfolio with services such as CRED RentPay which allows users to pay rent using credit cards or CRED Store which is a redemption store.
CRED, which has climbed to among the most revolutionary fintech organizations in India, is now valued at over $6 billion under Kunal Shah. It still retains its customers while adding more services to transform the way an individual manages his/ her finances in India.