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CRED launches credit card ‘Sovereign’ with IndusInd Bank

EntrackrEntrackr · 8h ago
CRED launches credit card ‘Sovereign’ with IndusInd Bank
Medial

CRED has officially rolled out its much-anticipated co-branded credit card with IndusInd Bank, a high-profile entry into the premium cards space. Named Sovereign, the card is crafted in 18K gold and will be available strictly on an invite-only basis. Entrackr was the first to report in August that the Kunal Shah-led company was working with IndusInd Bank to launch a co-branded card. The announcement confirms the development, positioning CRED among a growing lineup of fintechs tapping into this segment. This launch takes CRED beyond its usual services like bill payments, lending, and commerce. The company has also added features like credit score tracking, shopping, travel, and insurance management, paving the way for a premium card like Sovereign. CRED has over 13 million monthly active users as of June 2024. According to startup data platform TheKredible, the fintech has raised more than $1 billion across nine funding rounds, including a $75 million down round led by GIC in May 2025 that valued the company at $3.64 billion, a 45% drop from its $6.4 billion valuation during the $140 million Series F round in 2022. CRED is aiming for full-year profitability in FY26, but in FY24 its net loss widened by 22% to Rs 1,644 crore, which also included ESOP-related costs and taxes. In the same fiscal, the company’s revenue grew 66% year-on-year to Rs 2,473 crore. The FY25 annual report is yet to be filed. In repeating its initial ‘invite only’ approach with Sovereign, Cred might be exhibiting the first signs of being anchored in the past rather than forging its own way ahead. The reason is simple. IndusInd Bank doesn't have the kind of premium aura to go with such a pitch. While it will be interesting to see the kind of benefits Sovereign offers to drive desire, it faces a very cluttered and competitive market for sure.

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Exclusive: CRED to launch co-branded credit card with IndusInd Bank

EntrackrEntrackr · 27d ago
Exclusive: CRED to launch co-branded credit card with IndusInd Bank
Medial

Exclusive: CRED to launch co-branded credit card with IndusInd Bank Finally, fintech unicorn CRED is set to enter the co-branded credit card segment. The Kunal Shah-led firm is partnering with IndusInd Bank to launch the card, according to three sources aware of the development. “The company has been planning for a co-branded credit card for a long time but the final decision was made a couple of months ago,” said one of the sources, requesting anonymity. The move marks CRED’s next major product expansion beyond its flagship credit card bill payments, lending and commerce offerings. CRED also offers a range of services, including credit score tracking, hidden charge detection, bill payment reminders, and cashback. It also provides access to shopping, travel packages, and tools for managing vehicle insurance, FASTag, and related features. As of June 2024, CRED had approximately 13 million monthly active users. CRED was last valued at $3.64 billion post money after raising $72 million in a new round. The funding also marked a nearly 43% haircut from its $6.4 billion valuation in the Series F round, where it raised $140 million in June 2022. According to sources, the launch is likely to happen within 12 weeks. Responding to Entrackr’s queries, a CRED spokesperson said that the company doesn’t comment on speculation. Queries sent to IndusInd Bank did not elicit any response until the time of publishing this story. CRED is aiming for full-year profitability in FY26, but in FY24 its net loss widened by 22% to Rs 1,644 crore, which also included ESOP-related costs and taxes. In the same fiscal, the company’s revenue grew 66% year-on-year to Rs 2,473 crore. The FY25 annual report is yet to be filed. This move will place CRED alongside a growing lineup of fintechs and consumer facing platforms including Slice, Uni, Scapia, OneCard, Fibe and Super.money that are tapping into the co-branded card space through partnerships with traditional banks. CRED brings a lot to the table in a partnership for a credit card, considering its massive understanding of spending habits for a top tier customer segment it has cultivated assiduously and at high cost. There are also clear opportunities in the market right now, thanks to the confusion over perks like lounge access at airports, or the many other services and products that a top tier segment is still discovering in India. Some of the largest players like SBI cards, ICICI and HDFC have all got their own share of issues, making them look tired for now. Indusind bank on the other hand might need this deal more, considering its own patchy news cycle over the past year. That opens up good possibilities for a really good product. CRED however will be looking for some quick wins as it seeks to cut down on losses or the kind of giveaways it has built up its user base on, which risks presenting an underwhelming product for prospects. But there is no doubt that a co-branded credit card from CRED would be something to look out for with great interest.

CRED launches e₹ wallet in collaboration with RBI

EntrackrEntrackr · 7m ago
CRED launches e₹ wallet in collaboration with RBI
Medial

CRED launches e₹ wallet in collaboration with RBI Fintech unicorn CRED has launched a beta version of its e₹ wallet, developed in partnership with the Reserve Bank of India (RBI) and YES BANK as the sponsor bank. This launch makes CRED the first fintech platform to implement RBI’s Central Bank Digital Currency (CBDC). The e₹ wallet integrates the security and reliability of a sovereign currency with CRED’s payment experience. It will allow members whitelisted for the beta program to pay UPI-linked bank accounts, as well as send and receive money to other CBDC wallets. To begin, users must complete video KYC to activate their e₹ wallets, which can then be loaded via UPI. The wallet supports transactions of up to Rs 10,000 per transfer, with a daily limit of Rs 50,000, and can store up to Rs 1 lakh. As per the company, merchant transactions come at zero cost. In the future, CRED will include features like programmable merchant payments, integration with CRED Pay, and PIN-less transactions below Rs 500. The company added that full access for all CRED members is expected in the coming months. Kunal Shah, founder of CRED, said, “The e₹ wallet is a milestone in India’s financial evolution. With RBI’s support, we’re empowering the creditworthy to shape the future of digital currency in the world’s fastest-growing economy. Our aim is to make e₹ transactions seamless and accelerate its adoption among India’s most creditworthy citizens.” This initiative aligns with the RBI’s vision to reduce cash circulation, promote financial inclusion, and strengthen India’s position as a global leader in digital finance. In its April 2024 monetary policy, the RBI emphasized making CBDC-Retail accessible to broader segments of users and enabling non-bank payment operators to offer CBDC wallets. The sponsor bank, YES BANK, will facilitate the issuance of CBDC tokens from RBI to CRED.

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