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News on Medial
CRED's Remarkable Evolution From Elite Rewards Platform to Fintech Super App
Business Bytes
·
1y ago
Medial
CRED has evolved from an elite rewards platform to a fintech super app, catering to a broader user base. With a focus on credit card payments, the company has expanded its offerings to include a comprehensive suite of financial services. Its success in the realm of credit cards is evident, with nearly 100 million cards issued. CRED's transformation highlights its commitment to leveraging technology and making financial services more accessible and efficient. This evolution positions CRED as a key player in India's fintech landscape.
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Cred's Kunal Shah doubles down on affluent users, launches unified financial data platform
Money Control
·
1y ago
Medial
Fintech app Cred has launched Cred Money, a unified money management dashboard that aggregates a customer's financial data on a single platform. The app aims to provide affluent customers with a greater level of control over their finances, bringing together information such as bank accounts, transactions, subscriptions, bill payments, and more. Cred Money is built on top of the government's Account Aggregator framework, ensuring that all data is collected with customer consent. While other banks and fintech apps offer similar platforms, Cred's extensive financial data collection has raised concerns among customers and banks.
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Who is billionaire Ankur Jain, the Indian-origin Founder of Bilt Rewards?
Inshorts
·
1y ago
Medial
Billionaire Ankur Jain is the Indian-origin Founder of American home rental rewards startup Bilt Rewards. The 34-year-old, who graduated from Wharton School, launched a startup incubator called Kairos Society in college. He later co-founded contact management app Humin, which was acquired by Tinder, and helped launch fintech startup Rhino. He was featured on Forbes' 30 Under 30 list in 2015.
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BharatPe Turns The Super App Switch On
Inc42
·
11m ago
Medial
BharatPe has finally jumped into the fintech super app market, but some question if it's a bit too late. The move comes nearly 10 months after the company first announced its foray into the consumer fintech space. With other players already making strides in the super app space, such as PhonePe, CRED, Groww, Google Play, Jio Financial Services, and Flipkart, some wonder if BharatPe's entry is delayed or if it still has a chance to compete. Time will tell how the market receives its offerings.
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Railways Developing A Super App: Ashwini Vaishnaw
Inc42
·
10m ago
Medial
The railway minister, Ashwini Vaishnaw, has stated that the upcoming super app will cater to all passenger needs, including ticket booking, train status, and parcel shipment booking. This aligns with the trend of fintech giants bundling various services into a single app.
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CRED Partners L&T Finance To Offer Unsecured Personal Loans
Inc42
·
11m ago
Medial
CRED, the Indian fintech major, has partnered with L&T Finance to launch a new product called CRED Cash. This product will be disbursed through CRED's NBFC arm, NewTap Finance. The partnership aims to leverage the financial services expertise of L&T Finance and CRED's large customer base. The launch of CRED Cash comes as the Reserve Bank of India has taken measures to regulate the rapid growth of unsecured lending in the country.
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PhonePe In 2024: On The IPO Trail With INR 5,000 Cr Revenue
Inc42
·
7m ago
Medial
In 2024, PhonePe showcased its growth as a fintech super app, crossing INR 5,000 Cr in revenue while maintaining a leading UPI market share. The company is diversifying beyond payments, launching the Indus App Store and expanding into digital commerce with the Pincode app. Despite regulatory challenges, PhonePe is cautiously entering new markets and sectors, including insurance and wealth management. With plans for an IPO and a focus on innovation, PhonePe aims to solidify its position in India's fintech landscape.
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Abound raises $14 Mn to boost cross-border finance for Indian Americans
Entrackr
·
4m ago
Medial
Abound raises $14 Mn to boost cross-border finance for Indian Americans Abound, the financial super-app designed for Indians in the US, has raised $14 million in a seed funding round led by NEAR Foundation, with participation from Circle Ventures, Times Internet, and others. This round marks Abound’s first external investment since its incubation at Times Internet, the digital arm of The Times of India Group. In July 2023, the startup raised $10 million from the Times Group to expand its remittance offering. The fresh funds will be utilized to expand its product offerings, enhance technology infrastructure, and grow the team across product, engineering, and growth, Abound said in a press release. Launched by Nishkaam Mehta, Abound is a unified platform where the community can earn rewards, send money home, and manage their finances—allowing users to send, spend, save, invest, and borrow across borders, all in one app. It selected NEAR as its blockchain foundation for its industry-leading scalability, efficiency, and resilience, enabling a seamless experience while maintaining the security and transparency users deserve. Abound claims to have already processed over $150 million in remittances and facilitated $87 million in rewards GMV, demonstrating significant traction. It also reports 50% month-on-month revenue growth over the past six months, with a user base exceeding 500,000. Abound aims to redefine what it means to be a financial platform for the Indian diaspora. While traditional banking services treat cross-border finance as an afterthought, Abound integrates remittances, rewards, and next-gen financial services into a digital-first consumer experience.
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CRED acquires savings platform Spenny
Money Control
·
2y ago
Medial
Founded in 2019 by Gaurav Arora and Rathin Shah, Spenny is a micro-savings and investment platform that encourages users to spare a small amount towards savings and investment from daily transactions. Shah will join CRED's product team
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CRED ropes in former SBI MD Sriram as independent director
Money Control
·
2y ago
Medial
Cred has appointed former State Bank of India (SBI) Managing Director Dinesh Kumar Khara as an Independent Director. Khara's vast experience in the banking sector and expertise in financial services will contribute to Cred's growth and strategic decision-making. This appointment showcases Cred's focus on strengthening its leadership team with experienced professionals to drive its vision in the Indian fintech industry. As part of the board, Sriram will provide guidance and counsel for the company’s long-term strategy, growth plans, and execution roadmap.
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Tata Neu-HDFC Bank credit card crosses 2M issuances
YourStory
·
4m ago
Medial
Tata Neu and HDFC Bank's co-branded credit card has surpassed 2 million issuances, representing over 13% of new credit cards issued in Q3 FY25. The card's integration with UPI has led to significant engagement, with over 12 million monthly transactions totaling around Rs 800 crore in spending. Available in RuPay and Visa, it offers rewards and benefits. Launched in April 2022, Tata Neu is a multi-purpose super-app developed by Tata Digital.
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