Fintech CRED launches new credit card programme

Bengaluru: Fintech platform CRED, which was founded in 2018 by Kunal Shah, launched a new credit card programme on Monday. The first launch in this programme is the CRED IndusInd Bank Rupay credit card.

CRED said 24-karat gold is available at live market rates, and members can take physical delivery of coins within 48 hours or convert holdings into jewellery at jewellers like Tanishq.

Kunal Shah, founder, CRED said, “The creditworthy deserve the freedom of choice. The new CRED credit card programme turns every online spend into an act of self-expression, with rewards that follow taste, not terms. Instant redemption upgrades every transaction, merging product, platform, and privilege into a seamless lifestyle extension.”

Earlier this year, CRED raised $75 million in Series G funding, led by GIC of Singapore with participation from Sofina and RTP Global.

CRED’s key investors include DST Global, RTP Global, Tiger Global, Greenoaks Capital, Dragoneer Investment Group, Sequoia Capital India, General Catalyst, Alphawave Global, and Sofina, among others.

In FY24, its revenue grew 66% YoY to Rs 2,473 crore. Operating losses reduced by 41% to Rs 609 crore and its marketing spends dropped 36%, and customer acquisition cost fell 40%.

Sohini Rajola, Executive Director – Growth, NPCI, said, “As more users adopt credit cards for e-commerce and beyond, RuPay will continue to enable offerings that combine trust, innovation, and choice for cardholders."