Indian fintech startup CRED has launched a new feature that helps customers manage their cash flow and gain deeper insights into it. The startup aims to drive engagement by providing essential personal finance tools.
The Bangalore-based startup, known primarily for its credit card bill payments and consumer lending services, is entering the personal finance management space with a new feature called CRED Money.
CRED Money consolidates financial data from all of your bank accounts, allowing you to track your banking transactions and recurring payments (including SIP investments, rent, and employee salaries) in one dashboard. Users can also view transactions by merchant or category and receive notifications.
The startup says the feature leverages India’s Account Aggregation Framework, a financial data sharing system introduced by the Reserve Bank of India to enhance transparency and user control over personal financial information. The framework allows consumers to grant temporary, targeted access to their financial data across multiple institutions through standardized, encrypted channels.
The startup said it would not monetize the new feature.
CRED, valued at $6.4 billion, said the feature uses data science algorithms to analyze large volumes of transactions made by users across multiple accounts. The platform can then turn this information into concise, actionable insights that can help users identify spending patterns, investment opportunities, and areas for financial optimization.
CRED claims that around 70% of India’s wealthy population struggles with their finances spread across multiple platforms, a situation made worse by the fact that the average customer makes around 200 transactions a month. This administrative overhead can lead to suboptimal decision-making and potentially impact your credit score.
“More money equals more problems,” CRED founder Kunal Shah said in a statement. “We’ve built a product that improves every wealthy person’s relationship with money and helps ease their anxiety about money through a trusted, insightful experience.”
Since its launch, CRED has established itself as a platform for affluent and credit-worthy consumers. However, like other demographics, this demographic is not immune to financial mismanagement. Many users often neglect to review their bank statements, ignore important notifications from their banks, and face penalties for late payments.
CRED Money, which is being rolled out in stages starting Thursday, is the latest in a series of products the startup has added. The company has been steadily expanding its portfolio, most recently acquiring mutual fund and stock investment platform Kuvera. CRED’s product development process involves extensive internal testing, with new features being tested by employees for months before being released to customers. This approach ensures that only features that demonstrate clear value reach a broad user base, CRED executives said.
