Fintech platform Cred showcased a slew of products, including a credit card and an 18-carat gold-plated card for select users in partnership with IndusInd Bank, at its launch event in Bengaluru today.
The GIC-backed platform also announced a portfolio of fixed deposits (starting with five banks and two NBFCs) and gold investments with physical delivery or conversion into ornaments at jewellers like Tanishq.
The credit card product in partnership with RuPay and IndusInd Bank, named the 'IndusInd Bank RuPay credit card', will be available next week. The card claims to provide rewards worth 5% of the spend for online shopping and 1% for offline spends through UPI using Cred scan.
The card comes with zero joining fees and a quick digital onboarding process, said the company.
Users can redeem the rewards across more than 500 Cred Pay merchants and diverse products across the Cred store. Cred's gold-plated card, named "Sovereign", will be available only to a select few, access to early stage startup investments alongside India's leading angles.
"In the country, banks issue 100 new cards each month. Sixty of them are Cred-members… So, that's the potential for launching cards," said Kunal Shah, the founder of Cred, speaking at the event.
Speaking about the recent partnership, Soumitra Sen, country head of consumer banking and marketing at IndusInd Bank, said, "When there are large transactions, we always use our cards... At least for IndusInd, I can tell you it's one of our key strengths, not only from a revenue perspective but also for brand building."
This comes at a time when Cred's valuation dropped 45% to $3.5 billion after it closed fresh funding of about $72 million (Rs 617 crore), as ET reported in June. Singapore's sovereign wealth fund, GIC, led the funding.
The company posted a 66% year-on-year jump in revenue to Rs 2,473 crore in FY24, while operating losses narrowed to Rs 609 crore from Rs 1,024 crore the previous year.
Founded in 2018 by Shah, Cred operates as a credit card bill payment platform. It offers unsecured personal loans and secured lending products such as loans against mutual funds. The company is also scaling its auto insurance platform, Cred Garage, which now manages over 11 million vehicles.
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The GIC-backed platform also announced a portfolio of fixed deposits (starting with five banks and two NBFCs) and gold investments with physical delivery or conversion into ornaments at jewellers like Tanishq.
The credit card product in partnership with RuPay and IndusInd Bank, named the 'IndusInd Bank RuPay credit card', will be available next week. The card claims to provide rewards worth 5% of the spend for online shopping and 1% for offline spends through UPI using Cred scan.
The card comes with zero joining fees and a quick digital onboarding process, said the company.
Users can redeem the rewards across more than 500 Cred Pay merchants and diverse products across the Cred store. Cred's gold-plated card, named "Sovereign", will be available only to a select few, access to early stage startup investments alongside India's leading angles.
"In the country, banks issue 100 new cards each month. Sixty of them are Cred-members… So, that's the potential for launching cards," said Kunal Shah, the founder of Cred, speaking at the event.
Speaking about the recent partnership, Soumitra Sen, country head of consumer banking and marketing at IndusInd Bank, said, "When there are large transactions, we always use our cards... At least for IndusInd, I can tell you it's one of our key strengths, not only from a revenue perspective but also for brand building."
This comes at a time when Cred's valuation dropped 45% to $3.5 billion after it closed fresh funding of about $72 million (Rs 617 crore), as ET reported in June. Singapore's sovereign wealth fund, GIC, led the funding.
The company posted a 66% year-on-year jump in revenue to Rs 2,473 crore in FY24, while operating losses narrowed to Rs 609 crore from Rs 1,024 crore the previous year.
Founded in 2018 by Shah, Cred operates as a credit card bill payment platform. It offers unsecured personal loans and secured lending products such as loans against mutual funds. The company is also scaling its auto insurance platform, Cred Garage, which now manages over 11 million vehicles.
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