CRED is broadening its push into wealth and payments products with a slate of new launches for its affluent user base, including a co-branded credit card with IndusInd Bank and new options to invest in fixed deposits and digital gold.
The Bengaluru-based fintech said the moves are aimed at consolidating its position as the go-to platform for high-credit-score customers seeking both convenience and premium financial experiences.
The credit card, which attracts no joining fee, is powered by RuPay and issued by IndusInd Bank. It offers 5% rewards on all online purchases and 1% on offline transactions, including UPI via CRED Scan and Pay.
Points can be redeemed across 500+ CRED Pay merchants, over 2,000 products on CRED Store, flights (through ixigo), and 800,000 hotels (via Expedia), with every point equal to one rupee.
CRED IndusInd Bank Rupay credit card holders, unlike most cardholders bound by restrictive redemption rules, can “spend, earn, and redeem wherever they choose,” as founder Kunal Shah describes it.
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Separately, the FD and gold products are embedded into CRED’s new net worth dashboard, which consolidates mutual funds, stocks, NPS, deposits, gold, and bank balances into one view. Members can create diversified FD baskets of up to Rs 20 lakh each across five banks and two NBFCs, directly from the app, with options to compare returns and liquidity without paperwork.
CRED users can also buy, sell, and redeem 24k digital gold at live market prices through Safegold, stored in insured vaults. Members can convert holdings into coins delivered within 48 hours or redeem them as jewellery via Tanishq or Caratlane. Gold above two grams comes with no making charges or delivery fees.
The digital gold feature, first reported by YourStory, puts CRED in direct competition with Tiger Global-backed Jar, which has built a large user base through micro-savings in gold.
On the new wealth products, Shah added, “For CRED members, the portfolio sprawl from growing affluence often results in decisions made on guesswork rather than evidence. With asset monitoring, fixed deposits, and gold, members can see their true position, protect it, and make thoughtful choices for the long term”
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The launches come after CRED raised $72 million in an internal round from existing backers GIC, RTP Global, and Sofina, at a sharply reset valuation of about $3.5 billion, down from $6.4 billion in 2022.
CRED reported that its total revenue surged by 66% to Rs 2,473 crore in FY24 from Rs 1,484 crore in FY23. Meanwhile, its operating losses narrowed by 41% to Rs 609 crore from 1,024 crore.
CRED’s user base grew significantly in FY24, with a large portion of customer acquisition coming from organic channels. Over 75% of its new users were acquired organically, which helped reduce customer acquisition costs by 40%.
Edited by Kanishk Singh
