Top 7 Interesting Facts about Cred you should know about

Abinaya Arangarajan Abinaya Arangarajan
Aug 18, 2021 6 min read
Top 7 Interesting Facts about Cred you should know about

The timeline of the credit users has been burgeoned in recent times with this ongoing evolving digital India, as people rely more on credit cards that play a beneficiary role towards them. Credit cards bestow much assistance to encounter the financial facilities or requirements of the holder such as rent, taxes or any other credit purchases.

India has flourished in the field of credit facility that developed an India-based company CRED which authorizes users to pay off their expenses via an app. CRED is member-only credit management that allows the members who are eligible for credit accessing up to 750. CRED has been expanding its financial services in the past two years and becoming credible credit management in India.

Therefore, CRED is an Indian FinTech startup that is fabricated to progress credit facilities by building a digital club of credit scores for its only-users.

About CRED

CRED was founded by Kunal Shah in 2018, a Bangalore-based financial market, which is designed to provide digital financial services to the people. Furthermore, the company has realised the need for digital demand, especially when the entire world is struggling during this ongoing pandemic.

Consequently, Kunal Shah built a credit service to people through an app, which processes their remittance. The company has become a renowned financial service that partnered with over 38 brands and sponsored PL for three consecutive years.

Let's look at Top 7 unknown facts about CRED.

CRED was Created by the former founder of FreeCharge
CRED has Two prominent objectives
CRED is a member-only Community
CRED is one of its kind app in India
CRED Struck a Three-year deal with IPL
CRED offered Five Products
CRED bolstered the people in the ongoing pandemic
FAQ

CRED was Created by the former founder of FreeCharge

Kunal Shah is a serial entrepreneur who has formed CRED and is also the former founder of FreeCharge which was later sold to Snapdeal. The story of CRED commenced, when Kunal sold off his first venture in 2015, and began to spend that money like a dilettante and underscoring utilised some on the study of developing his new idea, and that is β€˜Cred’.

Prominently, people don’t situate their trust in financial institutions, so Kunal Shah created a frictional environment that engenders financial progress for the people which is considered to be reliable and trustworthy. In 2018, he inaugurated CRED along with key investors DST Global, Sequoia Capital, Ribbit Capital and Tiger Global.

At the time of launching the CRED App over 1000 downloads were done with 4.6 ratings on the Google Play Store and App Store.

CRED has Two prominent objectives

CRED was formed with two primary objectives- to enhance life for creditworthy individuals and to actuate credit services to people to dilate the financial behaviour in the country.

As of now, Β CRED has boarded nearly 5.9 million users and functions around 20 per cent of credit payments in India. CRED is a community, where its member-only can avail themselves of the rewards for paying off their credit bills in full settlement.

The company holds charges if the holder pays extra rupees on the full-settled credit payments. Up until now, CRED has raised funds overall around 227 million.


10 Unknown Facts about Xerox you Never knew
We all use Xerox scanners in offices or schools but do you know it was founded in 1906. Checkout some more interesting facts about Xerox you must know about.

CRED is a member-only Community

Every financial institution provides credit service, only if the holder goes with the eligibility criteria. The credit score should be more than 750, so you can be a member of the CRED community and redeem the rewards.

CRED is one of its kind app in India

This is the only app in India, which allows you to redeem for paying off your credit card bills. CRED has given various options to redeem your rewards- making a 1000 rupees transaction, you can β€˜burn CRED coins’ to win Rupees worth 5 to 10 rupees that add to your credit card.

On the other hand, β€˜Kill the Bill’ you can just swipe the card to access offers from Swiggy, Yatra, BookMyShow, Freshmenu, Uber Eats and other fashion portals.

CRED Struck a Three-year deal with IPL

Every person watching an IPL match would understand the angst of having to go through the entire match watching multiple ads or having to watch the same ad multiple times. But the IPL seasons of 2020 and 2021 had some ads that caught the attention of the public.

Yes, I am talking about the Indira Nagar Ka Gunda ad and the Madhuri Dixit and 90s stars ads from CRED.

CRED Sponsor during a Ipl match
CRED Sponsor during an Ipl match

CRED has struck a three-year deal from 2020 - 2022 as a sponsor for the IPL. And the IPL Campaign has increased the daily sign-ups for CRED Membership by 6-7x in 2020. Payment of credit card bills during the powerplay offers a chance to win 100% cashback and was also well received.


Facebook Turns $1 Trillion: Unveiling a Bag of Unknown Facts About Facebook
As Facebook has turned $1 trillion lets look at some of the lesser known facts about Facebook that you should know about.

CRED offered Five Products

CRED offers five distinct products to its members. The services include:

CRED RentPay

A feature that allows tenants to pay the monthly rent to the landlord’s bank account directly using a credit card.

CRED Cash

A system that gives credit for interest that is one-third of the credit and it is fast and fully digitalised;

CRED Pay

A safe payment option and can be used as a single-click alternative in selected merchant platforms and offers discounts on brands like Bombay Shaving Co., Dine out etc.

CRED Store

The CRED app houses 1500+ brands in their in-app e-commerce and travel destinations domestic and international from which its members can purchase at a member-exclusive price.

CRED Travel Store

The travel store gives the members an option to buy now and travel later to exclusive places and CRED’s association with Mastercard provides premium packages at top hotels like The Taj.

CRED bolstered the people in the ongoing pandemic

During the second wave of the ongoing Corona pandemic, the need for oxygen supply was a major concern in India. CRED came out to help with the situation by partnering with NGOs like Milaap, Hemkunt Foundation and Give India.

It gave its members an option to donate their CRED coins towards oxygen concentrators for COVID patients. In a later post, CRED revealed that more than 7.5 lakh members contributed their CRED coins and the donation to the cause was Rs. 10 Crore.

Conclusion:

CRED’s growth and popularity can be attributed to two facts. Firstly, the startup founder Kunal Shah who has seen success in his other startups and investors trust his ability in making a success of any venture he starts.

Secondly, the astonishing fact that CRED’s revenue in FY20 was not more than INR 50 lakh but the estimated revenue projection for FY21 is INR 108 Crores which is 208 times the growth. Thus making another fact clear that CRED is another successful startup of Kunal Shah.

FAQs

What is CRED?

CRED is a members-only credit card bill payment app founded by Kunal Shah in 2018 and is headquartered in Bangalore, Karnataka.

How does CRED work?

CRED allows its members to make payments using the app. The app’s focus is to make use of credit card payments easier, automated, and making payments early. Payments made using the CRED app allow the members to earn CRED coins.

What is the eligibility to join the CRED community?

CRED accepts only those credit card holders who maintain a credit score above 750. The credit score is checked using the number connected to the bank account and those who do not pass the criteria are shortlisted.

Must have tools for startups - Recommended by StartupTalky

Great! Next, complete checkout for full access to StartupTalky.
Welcome back! You've successfully signed in.
You've successfully subscribed to StartupTalky.
Success! Your account is fully activated, you now have access to all content.
Success! Your billing info has been updated.
Your billing was not updated.