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CRED | App Which Helps You TO Earn Money while Making Payment

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CRED

Cred is an Indian Unicorn fintech company. Kunal Shah started this company in 2018. Since then the startup has shown speedy growth in a short span of time. Kunal adopted different strategies to make Cred this popular. All the strategies are listed below. Let, ‘s see how this company achieved success.

About CRED

CRED is a high-grossing fintech company. The fintech company is one that combines Financial Services with technological advances. Such services include online banking, mobile payments, and cryptocurrency. Kunal Shah Founded this Bangalore-based company in 2018. It is a credit card payment app. It offers rewards to its customer with each payment. This also gives an alarm for rent and bill payments. This app is often criticized for lacking a reliable monetization plan and for being overrated.

CRED Starting

Kunal Shah started Cred in 2018. This company has grown enormously in a short period of time. By 2021, they had got more than 5.9 million users and they were processing 20% of all the credit card transactions in the country. This startup launched five new services in April 2021. Which were Cred Rent Pay, Cred Cash, Cred-Pay, Cred Store, and Cref Travel Store. Finally on 20 August 2021, the app launched a new feature called Cred Mint. It will allow its user to avail of loans to each other, hence, Cred Mint will be monetized by its 7.5 million users.

Kunal Started Cred with a vision to solve trust issues among people. He believes it is the main ingredient to economic prosperity. Hence, he likes his company being called a Trust Tech company rather than a Fintech Company.

CRED Success Journey

From 2020 to 2022, the company turned its head toward marketing strategies. As they believed in the peculiarity of their idea. They knew all they need is advertising. Cred has officially sponsored Indian Premium League for 43 years. In 2021 company started endorsing celebrities, emphasized marketing content and videos, and created a buzz over the news and social media. It soon became the talk of the town. Due to its controversial core idea, it was both praised and criticized.

Fundings And Investments

To transmit the idea of the app to the public, the company needed funding. The company gathered the funding from Tiger globals, Sequoia Capital, and DST global in four rounds of private funding. Some other names have also provided the funding. In 2020, Cred faced a loss of $ 360.31 crores. It was due to the company’s decision of spending high on marketing. But, later everyone came to know about the app and the credit goes to advertisements. In October 2021, this well-known fintech company begins its hunt for a new investment round. At the same time, the company valuation has gone to $ 5.5 billion from $ 2.2 billion in April 2021. Subsequently, it conducted another round of funding, in which the company raised around $ 6.4 billion.

Name of InvestorsFund RaisedRound Name
Sequoia Capital India$30 millionSeed
Sequoia Capital, RTP Ventures, and 25 others$636 KSeries A
Sequoia Capital, Ribbit Capital, and seven others$120 millionSeries B
DST Global, Tiger Global Management, and seven others$81 millionSeries C
Coatue, Insight Partners, and nine others$215 millionSeries D
Tiger Global Management, Marshall Wace, and eight others
$251 millionSeries E
GIC Singapore, Tiger Global Management, and three others
$80 millionSeries F

Also Read- Masayoshi Son | Success Story of A Japanese-Korean Billionaire

Who is the founder of CRED?

Kunal Shah started CRED, as a credit card payment app.

When was CRED Started?

It was started in 2018 with a vision to solve trust issues among people.

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