Fintech major CRED has launched a unified money management dashboard, CRED Money for users to manage bank accounts.
The new offering will aggregate a customer’s bank accounts, and allow users to keep a track on spending or financial transactions, demat accounts, subscriptions, bill payments, insurance premiums, dividends and tax refunds among other financial information.
CRED Money will show transactions across multiple bank accounts and get insights into their spending behaviour, as well as make payments through its inbuilt UPI offering.
The financial data are built on top of the government’s account aggregator framework and the information collected for analysing data will be based on customer consent.
Account aggregators act as an intermediary by collecting data from financial information providers that hold the customer’s financial data and sharing that with financial information users (FIU) such as lending banks and agencies that provide financial services. Cred is an FIU.
“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 through a trusted, insightful experience. CRED Money is for those who wish to have greater control over money without the pain of doing it,” said Kunal Shah, founder, CRED. CRED Money will roll out to members in phases, starting today.
This company’s doubling down on the premium customer strategy and is trying to go for deeper engagement with these customers rather than targeting a wider customer base.
Over the past few years, Cred has expanded its financial services offerings by venturing into credit, vehicle management and insurance, and wealth management.
CRED reported a 256 per cent growth in revenue from operations to ₹1,484 crore for FY23, from ₹422 crore in the year-ago period. The fintech’s losses grew marginally to ₹1,347 crore in FY23 from ₹1,280 crore in FY22.