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Policy · Financial Services

Cred gets full RBI payment aggregator licence

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Date
Company
CRED
What it does
Super app for credit card users
Kind
Policy
Founded
2017
Sector
Financial Services

What they do

CRED is a super app for managing credit cards and payments

What happened

The RBI granted its final payment aggregator licence after in-principle approval

Why it matters

This allows CRED to onboard merchants and handle settlements directly

The details

  • The Reserve Bank of India (RBI) granted CRED its final payment aggregator licence.
  • CRED received in-principle approval for this licence in April 2024.
  • A payment aggregator licence allows companies to collect payments from merchants.
  • It also enables the company to handle settlements and refunds for transactions.
  • CRED can now operate its payment system directly under RBI supervision.
  • This licence is mandatory for acquiring merchants and offering digital payment solutions.
  • CRED launched as a credit card bill payment platform in 2017.
  • The company has expanded into a super app with multiple financial products.

The bigger picture

  • The licence marks a significant regulatory milestone for CRED's expansion.
  • It validates CRED's ability to manage core payment flows securely.
  • The move supports CRED's strategy to become a comprehensive financial platform.
  • Direct RBI supervision ensures higher standards for payment processing reliability.

About the business

  • CRED operates as a super app for personal finance management.
  • It launched in 2017 primarily for paying credit card bills.
  • The platform offers a co-branded credit card and investment products.
  • CRED runs an invite-only membership programme called Sovereign.
  • Members must have a credit score of 750 or above to join.
  • The app allows users to scan QR codes and make UPI payments.
  • It supports linking RuPay credit cards for UPI transactions.
  • CRED provides features like autopay for bills and spending insights.
  • The company processes over one-third of all credit card bill payments in India.
  • It serves approximately 15 million to 25 million members.
  • CRED manages payments across major Indian banks and card networks.
  • The app boasts a 4.8 rating on both App Store and Play Store.

Investors

  • GIC (lead) — Singapore’s sovereign wealth fund led CRED's Series G round.

Founders

  • Kunal Shah, Founder

About CRED

Customers
Affluent credit card users and consumers seeking financial products
How it makes money
A consumer fintech platform that monetizes through financial products and category expansion
What sets it apart
Targets a harder-to-reach, higher-value customer segment rather than mass-market fintech users

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