Fintech major CRED has rolled out digital credit lines against mutual fund investments at rates starting from 8.99%, targeting a specific group of users as part of its enhanced secured lending offerings with CRED Cash plus.
Kunal Shah, the founder of CRED, emphasized the importance of a phased approach in launching the new product to ensure stability and scalability. He highlighted the need to prioritize quality and effectiveness in the lending business.
In addition to the credit lines, CRED has also unveiled ‘Svalbard’, a set of tools aimed at helping creditworthy members better manage their financial profiles. These tools include ‘Foresight’ for predictive analytics on credit score impact, ‘Compass’ for personalized score improvement plans, and ‘Aurora’ for visualizing credit progress.
Furthermore, Svalbard offers a centralized dashboard for card management, allowing users to track total dues, monitor credit utilization in real-time, and detect anomalies to prevent errors. The platform can also analyze over 10 million transactions daily, providing insights into spending behavior and identifying potential financial pitfalls.
CRED reported a revenue of ₹2,473 crore, marking a 66% growth in FY24 driven by increased product adoption and monetized user expansion. The company also narrowed its operational loss by 41% to ₹609 crore during the same period.
The launch of CRED Cash plus and ‘Svalbard’ suite underscores CRED’s commitment to diversifying its offerings and enhancing financial management capabilities for its users.
